Type:
Bearish Dip
Key Levels:
Resistance: 229.45
Pivot: 227.30
Support: 220.80
Preferred Case:
We see the potential for further bearish continuation from our Pivot at 227.30 in line 78.6% Fibonacci projection towards our 1st support at 220.80 in line with 50% Fibonacci retracement. Our bearish bias is further supported by stochastic indicator where it is at resistance level.
Alternative scenario:
Price might move towards the 1st resistance level of 229.45 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement.
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.