Type:
Bullish Bounce
Key Levels:
Resistance: 1867.9
Pivot: 1847.2
Support: 1833.5
Preferred Case:
On the H4, with prices moving above the ichimoku cloud and breakout from descending trendline, we have a bullish bias that price will rise from our pivot at 1847.2 where the horizontal pullback support is to our 1st resistance at 1867.9 in line with the horizontal swing high resistance,61.8% Fibonacci retracement and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1833.5 where the horizontal overlap support and 38.2% fibonacci retracement are.
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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.