Type:
Bearish Breakout
Key Levels:
Resistance: 35875
Pivot: 34689
Support: 33793
Preferred Case:
With price expected to bounce off the support of the ichimoku cloud and stochastics, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 35875 in line horizontal graphical swing high resistance and 127.2% Fibonacci projection from our pivot in line with horizontal overlap support and 127.2% Fibonacci extension at 34689.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support, which coincides with horizontal swing low support at 33793.
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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.