Type:
Bearish Dip
Key Levels:
Resistance: 1064'0
Pivot: 1031'6
Support: 982'2
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline We see the potential for a dip from our Pivot at 1031'6 in line with 50% Fibonacci Retracement towards our 1st support at 982'0 in line with 100% 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 1064'0 in line with 50% Fibonacci retracement and 61.8% 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.