Type:
Bearish Continuation
Key Levels:
Resistance: 241.50
Pivot: 238.10
Support: 230.90
Preferred Case:
Price is on a bearish momentum which is moving along the descending channel. Price is near pivot level at 238.10 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection, along with a graphical overlap resistance level. We are expecting price to potentially dip to the support level of 230.90 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection . Our bearish bias is further supported by Ichimoko cloud indicator and RSI being at levels where dip previously occurred.
Alternative Scenario:
Otherwise, price can possibly go to the resistance level of 241.50 in line with 50% Fibonacci retracement and 100% 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.