Type:
Bullish Bounce
Key Levels:
Resistance: 223.45
Pivot: 218.70
Support: 213.60
Preferred Case:
Price is near to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 218.70 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance level of 223.45 which is in line with 38.2% Fibonacci retracement.
Alternative Scenario:
Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 213.60 which is in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion.
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.