Type:
Bearish Momentum
Key Levels:
Resistance: 2418.5
Pivot: 2377.0
Support: 2305.0
Preferred Case:
We see the potential for a bearish continuation from our pivot level at 2377.0 along with horizontal overlap resistance towards our 1st support level at 2305.0 in line with 161.8% Fibonacci extension, 78.6% Fibonacci projection and -27.2% Fibonacci expansion.
Alternative Scenario:
Alternatively, price might break our pivot structure and head for 1st resistance level at 2418.5 in line with 78.6% Fibonacci projection.
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.