Type:
Bearish Drop
Key Levels:
Resistance: 20800
Pivot: 19450
Support: 18490
Preferred Case:
with the price breaking the ichimoku cloud, below ichimoku cloud and MA, we have a bearish bias that the price may drop from the pivot at 19450, which is in line with the swing low to the 1st support at 18490, where the previous significant swing low and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could rise to the 1st resistance at 20800, where the pullback support and 23.6% fiboancci retracement are.
Fundamentals:
No key news.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.