Type:
Bearish Breakout
Key Levels
Support: 65105.39
Resistance: 68949.25
Pivot: 67010.04
Preference:
We can expect price to push down from pivot level in line with previous swing high towards 1st support in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price could be pushing higher towards 1st resistance in line with 127.2% 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.