Type:
Bullish Bounce
Key Levels:
Resistance: 1902.6
Pivot: 1857.9
Support: 1830.2
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 1857.9 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 1902.6 in line with the 78.6% fibonacci projection and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price could break the support at the pivot and drop to 1st support at 1830.2 in line with the 78.6% fibonacci projection and overlap 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.