Type :
Bullish Bounce
Key Levels:
Resistance : 756'4
Pivot: 745'2
Support : 738'0
Preferred case:
We see the potential for bullish bounce from our Pivot level at 756'4 in line 28.6% Fibonacci retracement and 127.2% Fibonacci extension towards our 1st resistance level at 756'4 in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is supported by stochastic indicator where it is at support level.
Alternative scenario:
If price continues to dip, it can potentially move towards our 1st support level at 738'0 which is in line with 161.8% Fibonacci extension.
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.