Type:
Bullish Rise
Key Levels:
Resistance: 7366
Pivot: 7154.3
Support: 6996.2
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trendline, we have a bullish bias that price will rise from the pivot at 7154.3 in line with the 61.8% fibonacci projection to the 1st resistance at 7366 in line with the overlap resistance level and -27.2% fibonacci expansion .
Alternative Scenario:
Alternatively, price may drop from the pivot to the support at 6996.2 in line with the swing low.
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.