Type:
Bearish Momentum
Key Levels:
Resistance: 768.05
Pivot: 760.90
Support: 738.5
Preferred Case:
On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will drop from the pivot at 760.90 in line with the overlap resistance and 61.8% fibonacci projection to the 1st support at 738.5 in line with the horizontal swing low.
Alternative Scenario:
Alternatively, price may rise from the pivot to the overlap resistance at 768.05 in line with the 38.2% 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.