Type:
Bearish Reversal
Key Levels:
Resistance: 36132
Pivot:35609
Support: 34722
Preferred Case:
With price approaching the resistance within the Ichimoku cloud and the stochastics indicator, we have a bearish bias that price will fall from pivot at 35609 in line with the graphical swing overlap resistance and 61.8% Fibonacci retracement to 1st support at 34722 in line with the 61.8% Fibonacci retracement and graphical swing low support.
Alternative Scenario:
Alternatively, we may see price break pivot structure and head for 1st resistance at 36132 in line with the horizontal swing high resistance.
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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.