Type:
Bullish Bounce
Key Levels:
Resistance: 25.564
Pivot: 24.289
Support: 24.046
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for further bullish continuation from our Pivot at 24.289 in line with 127.2% Fibonacci extension and 50% Fibonacci retracement towards our 1st resistance at 25.564 in line with 100% Fibonacci retracement. Prices are trading above our ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 24.046 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci Projection.
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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.