Type:
Bullish Bounce
Key Levels:
Resistance: 19.87
Pivot: 18.92
Support: 18.33
Preferred Case:
Price is near the pivot level of 18.92 in line with a 50% Fibonacci retracement. We expect price to move towards 1st resistance level of 19.87 in line with 161.8% Fibonacci extension, along with a swing high resistance.
Alternative Scenario:
Price may break our pivot structure and head for 1st support at 18.33 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection
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.