Type:
Bearish Reversal
Key Levels:
Resistance: 33475.75
Pivot: 32512.78
Support: 31874.79
Preferred Case:
On the H4, with price breaking out of an ascending trendline and reversing off the stochastic resistance, we have a bearish bias that price will drop from our pivot at 32512.78 where the pullback support is to the 1st support at 31874.79 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 33475.75 where the swing high resistance and -61.8% fibonacci expansion are.
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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.