Type:
Bearish Reversal
Key Levels:
Resistance: 32601.75
Pivot: 31881.43
Support: 30975.41
Preference Case:
On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 31881.43 where the pullback resistance and 23.6% fibonacci retracement are to the 1st support at 30975.41 where the swing low support is.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 32601.75 where the pullback resistance, 50% fibonacci retracement and 78.6% fibonacci projection are.
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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.