Type:
Bearish Reversal
Key Levels:
Resistance: 1837.7
Pivot: 1826.6
Support: 1809.5
Preferred Case:
Prices are at pivot. We see the potential for a dip from our Pivot at 1826.6 in line with 127.2% Fibonacci extension, 61.8% Fibonacci extension and 61.8% Fibonacci retracement towards our 1st support at 1809.5 in line with 38.2% Fibonacci retracement and graphical overlap. Our bearish bias is further supported by RSI being at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 1837.7 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.
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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.