Type:
Bearish Reversal
Key Levels:
Resistance: 4646.93
Pivot: 4621.66
Support: 4512.86
Preferred Case:
Prices are at a pivot. We see the potential for a dip from our Pivot at 4621.66 which is an area of Fibonacci confluences towards our 1st support at 4512.86 in line with 23.6% Fibonacci retracement. RSI is at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 4646.93 in line with 161.8% Fibonacci Projection.
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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.