Type:
Bullish Breakout
Key Levels:
Resistance: 1652.38
Pivot: 1565.69
Support: 1493.93
Preferred Case:
On the H4, with price recently breaking out of the descending trendline, we have a bullish bias that price will continue to rise from the pivot at 1565.69 at the pullback support in line with the 38.2% fibonacci retracement to the 1st resistance at 1652.38 at the swing high in line with the 61.8% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 1493.93 at the pullback 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.