Type:
Bearish Reversal
Key Levels:
Resistance: 98.486
Pivot: 98.104
Support: 97.411
Preferred Case:
Prices are at a key resistance at our pivot at 98.104 which is an area of Fibonacci confluences. We see the potential for a short pullback from our Pivot at 98.104 in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and 161.8% Fibonacci Projection towards our 1st support at 97.411 in line with 23.6% Fibonacci retracement. Divergence is spotted on RSI, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 98.486 in line with 200% Fibonacci Projection.
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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.