Type:
Bullish Bounce
Key Levels:
Resistance: 157.128
Pivot: 156.4
Support: 156.053
Preferred Case:
Prices are consolidating in a triangle pattern. We see the potential for bullish continuation from our Pivot at 156.4 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st resistance at 157.128 in line with 61.8% Fibonacci retracement. Prices are transcending above our Ichimoku clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 156.053 in line with 61.8% 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.