Type:
Bullish Bounce
Key Levels:
Resistance: 51362.6
Pivot: 43956.22
Support: 40583.6
Preferred Case:
Price breakout of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to push higher up from the pivot level in line with horizontal resistance towards 1st Resistance in line with 50% Fibonacci retracement. Our bullish bias is further supported by the Ichimoku cloud indicator where the price holding above it.
Alternative Scenario:
Alternatively, price can drop back down to 1st Support in line with 38.2% 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.