Type:
Bullish Bounce
Key Levels:
Resistance: 99.418
Pivot: 98.638
Support: 98.291
Preferred Case:
Prices are on bullish momentum and abiding by our ascending trendline support. We see the potential for bullish continuation from our Pivot at 98.638 in line with 38.2% Fibonacci retracement towards our 1st resistance at 99.418 in line with 61.8% Fibonacci extension. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 98.291 in line with 61.8% Fibonacci retracement.
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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.