Type:
Bullish Bounce
Key Levels:
Resistance: 19.89
Pivot: 18.86
Support: 18.31
Preferred Case:
We see the potential for bullish bounce from our Pivot at 18.86 in line 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st resistance at 19.89 in line with 161.8% Fibonacci extension, along with a graphical swing high. Our bullish bias is further supported by prices trading above Ichimoku cloud indicator.
Alternative Scenario:
If prices were to dip further, they can potentially dip towards our 1st support at 18.31 which is in line with 61.8% 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.