Type:
Bearish Momentum
Key Levels:
Resistance: 11928.0
Pivot: 11449.6
Support: 10545.4
Preferred Case:
On the H4, with price recently breaking the ascending trend channel and moving below the ichimoku cloud , we have a bearish bias that price will drop from the pivot at 11449.6 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 10545.4 in line with the overlap support and 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 11928.0 in line with the pullback resistance 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.