Type:
Bearish Breakout
Key Levels:
Resistance: 21.448
Pivot: 20.915
Support: 20.429
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 20.915 at the swing low to our 1st support at 20.429 in line with the horizontal swing low.
Alternative Scenario:
Alternatively, price may rise form the pivot to the pullback resistance at 21.448 in line with the confluence area between 61.8% fibonacci projection, 100% fibonacci projection and 50% 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.