Type:
Bearish Breakout
Key Levels:
Resistance: 32311.48
Pivot: 29360.65
Support: 27032.79
Preferred Case:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 29360.65 at the swing low in line with the 78.6% fibonacci projection to the 1st support at 27032.79 at the horizontal swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to 1st resistance at the swing high at 32311.48 in line with the 38.2% 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.