Type:
Bearish Momentum
Key Levels:
Resistance: 698.50
Pivot: 667.50
Support: 679.25
Preferred Case:
Price has reflected off the first support level at 698.50 on the H4 and appears to be descending again to test it. watch for the price to cross the first support level and go toward the pivot at 667.50, which is where the previous swing low lies. The chart appears to be constructing a double top with equal highs along the first resistance, which adds another confluence to this bias.
Alternative scenario:
Alternatively, the price may bounce off the first support and continue moving back up toward the first resistance.
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.