Type:
Bearish Reversal
Key Levels:
Resistance: 1162'6
Pivot: 1125'4
Support: 1039'0
Preferred Case:
Prices are on bearish momentum and abiding by our descending trendline. We see the potential for a further bearish continuation from our Pivot at 1125'4 in line descending trendline towards our 1st support at 1039'0 in line with 61.8% Fibonacci projection. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance.
Alternative Scenario:
If prices were to continue its rally they can potentially climb towards our 1st resistance at 1162'6 in line with 38.2% Fibonacci retracement.
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.