Type:
Bearish Dip
Key Levels:
Resistance: 1075'6
Pivot: 1036'6
Support: 982'0
Preferred Case:
Prices have approached our Pivot at 1036'6 in line with 61.8% Fibonacci Retracement. We see the potential for a dip from our Pivot at 1036'6 towards our 1st support at 982'0 in line with 61.8% Fibonacci Projection. Prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias.
Alternative Scenario:
Price might continue to climb towards the 1st resistance level of 1075'6 in line with 100% 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.