10 Year T-bond (ZN1!), H4 | Potential Bullish Reversal
Idea: Potential Bullish Reversal
Resistance: 128"06"0
Support : 126"23"5
Pivot : 127"02"0
Preferred Scenario:
Price is trading in a descending channel has recently bounce from key support level. Price can potentially continue its bullish momentum from our pivot of 127"02"0 in line with 78.6% Fibonacci extension and 23.6% Fibonacci retracement towards the resistance level of 128"06"0 which is also 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Our bullish bias is supported by the stochastic indicator as it is at support level.
Alternative scenario:
Alternatively price may dip to support level of 126"23"5 in line with 100% Fibonacci extension.
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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.