Type:
Bearish Reversal
Key Levels:
Resistance: 1878.9
Pivot: 1841.7
Support: 1784.7
Preferred Case:
On the H4, with price moving in a descending trendline and below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 1841.7 in line with the 50% fibonacci retracement to the 1st support at 1784.7 at the horizontal swing low.
Alternative Scenario:
Alternatively, price may rise above the pivot to the 1st resistance at 1878.9 in line with the 78.6% fibonacci projection and 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.