Type:
Bearish Reversal
Key Levels:
Resistance: 2939
Pivot: 2844
Support: 2674
Preferred Case:
On the H4, with price expected to reverse off the stochastic indicator and the resistance of the triangle, we have a bias that price will drop from pivot at 2844 in line with the horizontal pullback resistance and 127.2% Fibonacci extension to 1st support at 2674 in line with the pullback support and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 2939 in line with the 161.8% Fibonacci extension.
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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.