Type:
Bullish Bounce
Key Levels:
Resistance: 79.341
Pivot: 75.739
Support: 72.882
Preferred Case:
Prices are on bullish momentum and abiding to our bullish trendline. We see the potential for a bounce from our Pivot at 75.739 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st resistance at 79.341 in line with 200% Fibonacci Projection and 100% Fibonacci retracement. Technical indicators are showing bullish momentum.Alternative Scenario:
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 72.882 in line with 100% Fibonacci retracement.
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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.