Type: Bearish Dip
Resistance: 666'4
Pivot: 646'5
Support: 616'7
Preferred case: Price near pivot level of 646'5 in line with 38.2% Fibonacci retracement. Price can potentially dip to our 1st support of 616'7 in line with the 61.8% Fibonacci retracement. Our bearish bias is supported by how price is moving below the Ichimoku cloud indicator.
Alternative scenario: Price may break pivot structure and head for 1st resistance at 666'4 which in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamentals: No Major News.
Resistance: 666'4
Pivot: 646'5
Support: 616'7
Preferred case: Price near pivot level of 646'5 in line with 38.2% Fibonacci retracement. Price can potentially dip to our 1st support of 616'7 in line with the 61.8% Fibonacci retracement. Our bearish bias is supported by how price is moving below the Ichimoku cloud indicator.
Alternative scenario: Price may break pivot structure and head for 1st resistance at 666'4 which in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamentals: No Major News.