Type:
Bearish Reversal
Key Levels:
Resistance: 34379
Pivot: 34150
Support: 33397
Preferred Case:
With price expected to reverse off the stochastic indicator, we have a bearish bias that price will drop from our pivot of 34150 in line with the 100% Fibonacci projection to our 1st support at 33397 in line with the 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 34379 in line with the horizontal pullback 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.