Type:
Bearish Reversal
Key Levels:
Resistance: 7145
Pivot: 7064
Support: 6933
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 6933 in line with the 61.8% Fibonacci projection and horizontal swing low support from our pivot at 7064 in line with the horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 7145 in line with the 78.6% 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.