Type:
Bearish Momentum
Key Levels:
Resistance: 16821.5
Pivot: 16484.5
Support: 15914.5
Preferred Case:
On the H4, with price moving below ichimoku cloud and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from the pivot at 16484.5 in line with the swing high and 100% fibonacci projection to the 1st support at 15914.5 in line with the swing low and 78.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 16821.5 in line with the 61.8% fibonacci retraceme
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.