Type:
Bullish Bounce
Key Levels:
Resistance: 15254
Pivot: 14496
Support: 13843
Preferred Case:
With price approaching the support the Ichimoku cloud, we are biased that price will rise from our pivot structure at 14496 in line with the horizontal overlap support and 50% Fibonacci retracement to 1st resistance at 15254 in line with the horizontal overlap resistance and 61.8% Fibonacci projection level.
Alternative Scenario:
Alternatively, price may break pivot structure and head to 1st support level at 13843 in line with the 61.8% Fibonacci projection level and horizontal swing low support.
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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.