Type:
Bearish drop
Key Levels:
Resistance: 26900
Pivot: 26110
Support: 24830
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 26110 in line with the 100% fibonacci projection and overlap support to the 1st support at 24830 in line with the horizontal swing low.
Alternative Scenario:
alternatively, price may rise from the pivot to the 1st pullback resistance at 26900 in line with 78.6% fibonacci projection and 50% 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.