Type:
Bearish Continuation
Key Levels:
Resistance: 81.27
Pivot: 79.67
Support: 78.42
Preferred Case:
With price moving below the Ichimoku cloud, we see a potential bearish continuation from our pivot level of 79.67 which is in line with 50% Fibonacci retracement towards our 1st support level of 78.42 which is in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance level of 81.27 in line with 78.6% Fibonacci projection.
Fundamentals:
No major 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.