Type:
Bullish Bounce
Key Levels:
Resistance: 244.90
Pivot: 226.85
Support: 214.55
Preferred Case:
Prices are on bullish momentum. We see the potential for a bounce from our Pivot at 226.85 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection towards our 1st resistance at 244.90 in line with 78.6% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator as it is at support level.
Alternative Scenario:
Otherwise, prices can potentially dip towards our 1st support at 214.55 in line with 78.6% Fibonacci retracement, which is also a graphical overlap support.
Fundamentals:
No major news.
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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.