Type:
Bullish Bounce
Key Levels:
Resistance: 1962.9
Pivot: 1944.2
Support: 1934.1
Preferred Case:
Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 1944.2 in line with 138.2% Fibonacci extension towards our 1st resistance level of 1962.9 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative Scenario:
Otherwise, the price might break our pivot structure and head for the 1st support level of 1934.1 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.