Type:
Bearish Reversal
Key Levels:
Resistance: 35287
Pivot: 35062
Support: 33740
Preferred Case:
With prices moving below the Ichimoku cloud, we see the potential for a drop to our 1st support at 33740 in line with horizontal swing low support and 78.6% Fibonacci retracement from our pivot at 35062 in line with the 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 35287, in line with the horizontal overlap resistance and 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.