Type:
Bullish Bounce
Key Levels:
Resistance: 4583
Pivot: 4441
Support: 4281
Preferred Case:
With price expected to reverse off the support of the Ichimoku cloud, we are biased that price will rise from our pivot at 4441 in line with the 38.2% Fibonacci retracement level and horizontal overlap support to 1st resistance at 4583 in line with the horizontal swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 4281 in line with the 78.6% Fibonacci retracement 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.