Type:
Bearish Breakout
Key Levels:
Resistance: 31876.7
Pivot: 31200
Support: 30431.54
Preferred Case:
On the H4, with price breaking the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 31200 where the swing low support and 78.6% fibonacci projection are. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 30431.54 where the pullback support and 78.6% fibonacci retracement are.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 31876.7 where the overlap resistance and 23.6% fibonacci retracement are.
Source: Tickmill
