Type:
Bearish Reversal
Key Levels:
Resistance: 14929
Pivot: 14608
Support: 13837
Preferred Case:
On the H4, with price moving into a bearish pressure area, we have a bearish bias that price will drop from the pivot at 14608 in line with the multiple swing highs to the 1st support at 13837 in line with the 78.6% fibonacci projection, 78.6% fibonacci retracement and swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 14929 in line with the 78.6% fibonacci projection.
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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.