Type:
Bearish Drop
Key Levels:
Resistance: 1679'4
Pivot: 1667'4
Support: 1623'6
Preferred Case:
With price expected to reverse off the Ichimoku resistance and the descending trend line, we see the potential for bearish drop from our Pivot level at 1667'4 in line 50% Fibonacci retracement towards our 1st support level at 1623'6 in line with the horizontal swing low support.
Alternative Scenario:
If price breaks out, it can potentially move towards our 1st resistance level at 1679'4 which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance.
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.