Type:
Bullish Bounce
Key Levels:
Resistance: 1686'0
Pivot: 1667'2
Support: 1658'4
Preferred Case:
With price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 1686'0 in line with the horizontal swing high resistance and 50% and 78.6% Fibonacci retracement from our pivot at 1667'2 in line with the 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 1658'4 where the 50% Fibonacci retracement is.
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.