Type:
Bullish Rise
Key Levels:
Resistance: 31852
Pivot: 30821
Support: 30405
Preferred Case:
On the H4, with price moving in an ascending trendline on the RSI , we have a bullish bias that price will continue to rise from the pivot at 30821 in line with the pullback support and 61.8% fibonacci retracement to the 1st resistance at 31852 at the swing high in line with the 61.8% fibonacci projection and 50% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break the support structure at the pivot and drop to the 1st support at 30405 the multiple swing low 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.