Type:
Bearish Continuation
Key Levels:
Resistance: 244.75
Pivot: 241.60
Support: 231.05
Preferred Case:
On the H4 , price is near pivot level of 241.60 in line with 23.6% Fibonacci retracement. Prices are on bearish momentum and abiding to our descending trendline. We see the potential dip to the 1st support level of 231.05 which is also the graphical swing low and our bearish bias is also further supported by prices trading below Ichimoku cloud.
Alternative Scenario:
Alternatively, price may go to the 1st resistance level of 244.70 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.