Type:
Bullish Bounce
Key Levels:
Resistance: 98.967
Pivot: 97.854
Support: 97.464
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for bullish continuation from our Pivot at 97.854 in line with 127.2% Fibonacci Projection and 38.2% Fibonacci retracement towards our 1st resistance at 98.967 in line with 78.6% Fibonacci retracement. Prices are trading above our ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 97.464 in line with 50% Fibonacci retracement and 161.8% Fibonacci Projection.
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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.