Type:
Bullish Bounce
Key Levels:
Resistance: 1903.2
Pivot: 1867.7
Support: 1829.8
Preferred Case:
On the H4, with MACD moving in a bullish momentum, we have a bullish bias that price will rise from our pivot at 1867.7 where the horizontal pullback resistance is to our 1st resistance at 1903.2 where the horizontal swing high resistance, 100% fibonacci projection and 50% fibonacci retracement are.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1829.8 in line with swing low support.
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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.