Price has broken the ascending trendline and is moving below the ichimoku cloud , which supports our bearish bias that price will drop our pivot at 765.75 in line with the 38.2% fibonacci retracement to the support at 755.45 in line with the 50% fibonacci retracement . Alternatively, price may bounce off the pivot to the 1st resistance at 773.7 in line with the 23.6% fibonacci retracement and the 61.8% fibonacci projection .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results