Type:
Bullish Rise
Key Levels:
Resistance: 821.05
Pivot: 790.95
Support: 772.10
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise from our pivot at 790.95 in line with the 23.6% fibonacci retracement and 61.8% fibonacci projection to the 1st resistance at 821.05 in line with the 78.6% fibonacci retracement and swing high.
Alternative Scenario:
Price may also break support structure at the pivot and drop to the 1st support at 772.10 at 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.