Type:
Bearish Drop
Key Levels:
Resistance: 1131'6
Pivot: 1107'0
Support: 1075'2
Preferred Case:
Prices are at a pivot . We see the potential for a dip from our pivot at 1107'0 in line with which is an area of Fibonacci confluences towards our 1st support at 1075'2 in line with 38.2% Fibonacci retracement. RSI is at levels where pullbacks previously occurred, further supporting our bearish bias.
Alternative Scenario:
Price might continue to rise towards the 1st resistance level of 1131'6 in line with -61.8% Fibonacci expansion.
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.