Type:
Bearish Drop
Key Levels:
Resistance: 1045'0
Pivot: 1031'0
Support: 977'2
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 1031'0 which is a graphical overlap and in line with an area of Fibonacci confluences towards our 1st support at 977'2 in line with 200% Fibonacci Projection.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 1045'0 which is a graphical overlap and 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.