Type:
Bullish Bounce
Key Levels:
Resistance:151.666
Pivot: 148.962
Support: 148.148
Preferred Case:
Price is abiding to the descending trendline resistance signifying bearish momentum. However, we can expect a short-term bullish bounce from the pivot level in line with 100% Fibonacci projection towards the 1st Resistance in line with 50% Fibonacci retracement and 100% Fibonacci projection.
Alternative Scenario:
Alternatively, price could push further down to 1st Support in line with 127.2% 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.