Type:
Bullish Continuation
Key Levels:
Resistance: 797'4
Pivot: 763'2
Support: 778'2
Preferred Case:
With price expected to reverse off the stochastics indicator, we are bias that price will drop to our 1st support of 728'4 in line with the 38.2% Fibonacci retracement and 78.6% Fibonacci retracement area from our pivot of 763'2 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 778'2 in line with the horizontal swing high resistance.
Fundamentals:
No major news event.
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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.