Type: Bearish DownsideKey Levels:Resistance: 1910.9Pivot: 1903.9Support: 1880.8Preferred Case:Prices have been on bullish momentum and have consolidated in a parallel channel. With a potential double top spotted, we see the potential for a pullback from our Pivot at 1903.9 in line with 161.8% Fibonacci Projection towards our 1st support at 1880.8 which is an area of Fibonacci confluences. Our bearish bias is further supported by the bearish divergence spotted on RSI.Alternative Scenario: If prices were to continue their rally, they can potentially rise towards our 1st resistance at 1910.9 in line with 100% Fibonacci extension.Fundamentals:US Bank holiday would mean we might expect lower volatility in trading. Markets will await for further news with regards to escalation on the Russia-Ukraine front. Safe haven assets will constantly be in demand until the Crisis has officially been resolved, supporting an overall bullish trend. With conflicting views between TA and FA, we urge investors to stay on the sidelines.
Source: Tickmill
