Type:
Bearish Continuation
Key Levels:
Resistance: 236.30
Pivot: 224.10
Support: 215.10
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We expect a potential dip from the Pivot at 224.10 in line with 78.6% Fibonacci retracement towards 1st support at 215.10 in line with 78.60% Fibonacci Retracement . Our bearish bias is further supported by prices trading below Ichimoku clouds indicator.
Alternative Scenario:
Otherwise, prices might move towards the 1st resistance level at 236.30 in line with 23.6% Fibonacci retracement and 78.6% 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.