Type:
Bearish Dip
Key Levels:
Resistance: 19.89
Pivot: 19.63
Support: 19.05
Preferred Case:
Price is approaching our pivot level of 19.63 in line with 78.6% Fibonacci retracement. We see the potential for a bearish dip towards our 1st support level of 19.05 in line with 50% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where price is trading at the resistance level.
Alternative Scenario:
Otherwise, price could potentially rise to the 1st resistance level at 19.89 which is in line with 161.8% Fibonacci extension..
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.