Type:
Bullish Rise
Key Levels:
Resistance: 34021
Pivot: 33438
Support: 32699
Preferred Case:
On the H4, with price moving above the ichimoku indicator and along an ascending trendline, we have a bullish bias that price will rise to pivot at 33438 where the swing high resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 34021 in line with swing high resistance and -27.20% fibonacci expansion.
Alternative Scenario:
Alternatively, price could drop to 1st support at 32699 where the pullback support is.
Fundamentals:
Since investors have seen evidence that inflation has peaked, we have a bullish view on the dow jones index.
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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.