Type:
Bullish Rise
Key Levels:
Resistance: 13373
Pivot: 12616
Support: 12383
Preferred Case:
On the H4, with price moving in an ascending trendline on the RSI and price recently breaking the descending trendline, we have a bullish bias that price will rise from the pivot at 12616 at the pullback support at the swing low in line with the 78.6% fibonacci projection to the 1st resistance at 13373 at the overlap resistance in line with the 61.8% fibonacci projection
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at the swing low at 12383 in line with the 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.