Type: Bearish ContinuationKey Levels:Resistance: 807’4Pivot: 800’2Support: 789’6Preferred Case:With price moving below the Ichimoku cloud and the descending channel, we see a potential bearish continuation from our pivot level of 800’2 which is in line with 38.2% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 789’6 which is in line with the horizontal pullback support and 61.8% Fibonacci retracement.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance level of 807’4 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news.
Source: Tickmill