Type:
Bearish Reversal
Resistance: 1789.06
Support: 1776.287
Pivot: 1783.651
Preference:
Prices are consolidating in a bearish channel. We see potential for dip from our Pivot at 1783.651 in line with 50% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st support at 1776.287 in line with 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices might climb higher towards our 1st resistance at 1789.06 in line with 61.8% 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.