Type:
Bullish Bounce
Key Levels:
Resistance: 1757'4
Pivot: 1658'6
Support: 1583'2
Preferred Case:
With price moving above our Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1757'4 in line with the horizontal swing high resistance and 127.2% Fibonacci extension from our pivot at 1658'6 in line with the 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 1583'2 in line with the horizontal swing low 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.