Type:
Bearish Reversal
Key Levels:
Resistance: 82.916
Pivot: 82.428
Support: 81.687
Preferred Case:
Prices are on bearish momentum and have potentially formed a double top pattern. We see the potential for a dip from our Pivot at 82.428 in line with 100% Fibonacci retracement, 100% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 81.687 in line with 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 82.916 in line with 127.2% Fibonacci extension.
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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.