Type:
Bearish Reversal
Key Levels:
Resistance: 34152
Pivot: 33446
Support: 32316
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 32316 in line with the 78.6% Fibonacci projection level and horizontal swing low support from our pivot of 33446 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 34152 in line with the 100% Fibonacci projection and swing high resistance.
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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.