Type:
Bullish Continuation
Key Levels:
Resistance: 127"14"0
Pivot: 126"31"0
Support: 126'16'0
Preferred Case:
Price is trading in a descending channel and is at support of the descending channel. Our pivot is placed at 126"31"0 in line with 23.6% Fibonacci retracement. Price can potentially break this key level and go to the resistance level of 127'14'0 which is in line with 78.6% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is supported by the stochastic as it at support
Alternative Scenario:
Alternatively price can dip to the support level of 126"16"0 which is also 161.8% Fibonacci retracement.
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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.