Type:
Bearish Reversal
Key Levels:
Resistance: 34090
Pivot: 33451
Support: 32267
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our pivot at 33451 in line with the horizontal overlap resistance to our 1st support at 32267 in line with the 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 34090 in line with the 61.8% Fibonacci retracement.
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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.