Type:
Bearish Breakout
Key Levels:
Resistance: 94.75
Pivot: 92.46
Support: 85.93
Preferred Case:
Prices are abiding by our ascending trendline support. We see the potential for a short pullback from our Pivot at 92.46 in line with 127.2% Fibonacci Projection towards our 1st support at 85.93 in line with 61.8% Fibonacci Retracement and 100% Fibonacci Projection. RSI is at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 94.75 in line with 61.8% Fibonacci Projection.
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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.