Title
US30 H4 | Potential bullish bounce
Type
Bullish Bounce
Preference:
The current price could reverse to the pivot at 38300.72, the overlap support that aligns with the 38.2% Fibonacci retracement. Price could bounce off the pivot and rise to the 1st resistance at 38884.06, the swing-high resistance.
Alternative scenario:
The price might continue to trend down and fall to the 1st support at 38034.42, the overlap 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.