Type:
Bearish Reversal
Key Levels:
Resistance: 2667
Pivot: 2589
Support: 2303
Preferred Case:
On the H4, with price currently moving below the Ichimoku cloud, we have a bias that price will drop to our support at 2303 in line with the swing low support and 161.8% Fibonacci extension from our pivot at 2589 in line with the horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 2667 in line with the horizontal swing high 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.