Type:
Bearish Reversal
Key Levels:
Resistance: 35698
Pivot: 35146
Support: 34402
Preferred Case:
With price moving within the descending channel and the conversion line crossing the base line on the Ichimoku indicator, we are bias that price will drop from our pivot of 35146 in line with the horizontal swing high resistance and 38.2% Fibonacci retracement to 1st support at 34402 in line with the horizontal overlap support and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 35698 in line with the horizontal overlap support and 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.