Type:
Bullish Rise
Key Levels:
Resistance: 33463
Pivot: 32585
Support: 31840
Preferred Case:
On the H4, with price moving above the ichimoku cloud and in an ascending trendline on RSI, we have a bullish bias that price will continue to rise from the pivot at 32585 at the pullback support in line with the 78.6% fibonacci retracement to the 1st resistance at 33463 at the swing high.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 31840 at the pullback support.
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.