Title
GER40 1H | Bearish Continuation
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 21,657 a pullback resistance that aligns with the 78.6% Fibonacci retracement. A reversal from this level could drive the price towards the 1st support at 21,308, an overlap support level.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 21,802.7, a 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.