Type:
Bullish Bounce
Key Levels:
Resistance: 1751'4
Pivot: 1639'6
Support: 1581'4
Preferred Case:
With price moving above the Ichimoku cloud, we see the potential for a bounce from our Pivot at 1694'2 in line with 38.2% Fibonacci retracement towards our 1st resistance at 1757'4 in line with horizontal swing high resistance.
Alternative Scenario:
Alternatively, price can potentially dip towards our 1st support at 1646'4 which is a graphical swing low and also in line with 78.6% Fibonacci retracement.
Fundamentals:
No major news.
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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.