Type:
Bullish Bounce
Key Levels:
Resistance: 157.957
Pivot: 156.626
Support: 156.165
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 156.626 in line with 100% Fibonacci retracement and 23.6% Fibonacci retracement towards our 1st resistance at 157.957 in line with 100% Fibonacci retracement. Prices are trading above our Ichimoku cloud support and also RSI is showing bullish momentum, further supporting our bullish hypothesis.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 156.165 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.