Type:
Bullish Rise
Key Levels:
Resistance:710.4
Pivot: 699.4
Support: 679.25
Preferred Case:
On the H4, the price has came back down to test the 1st support at 679.25 and has reflected off it. Price has also went back above the Ichimoku cloud which indicates a bullish bias. Looking for price to continue bullish to hit the first resistance at 710.4 where the -27.2% Fibonacci expansion lies.
Alternative Scenario:
Alternatively, the price could drop down below the first support and head towards the second support at 668.25, where the 78.6% Fibonacci retracement line and previous swing low lies.
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.