Type:
Bullish Continuation
Key Levels:
Resistance: 2708
Pivot: 2523
Support: 2452
Preferred Case:
We see the potential for bullish continuation from our Pivot level at 2523 in line 23.8% Fibonacci retracement towards our 1st Resistance at 2708 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection . Our bullish bias is further supported by the stochastic indicator where price trading near the support level.
Alternative Scenario:
If price continues to drop, it can potentially move towards our 1st Support level at 2452 which is in line with 61.8% 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.