Type:
Bullish Bounce
Key Levels:
Resistance: 16296.86
Pivot: 16007.49
Support: 15786.78
Preferred Case:
Prices are on a bullish momentum. We see potential for a climb from our Pivot at 16007.49 in line with 100% Fibonacci extension and 23.6% Fibonacci retracement towards our 1st resistance at 16296.86 in line with 161.8% Fibonacci projection and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, prices can potentially dip towards our 1st support at 15786.78 in line with 38.2% Fibonacci retracement and 161.8% Fibonacci extension.
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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.