Type:
Bullish Pressure
Key Levels:
Resistance: 228.10
Pivot: 220.20
Support: 214.00
Preferred Case:
Price is near pivot level of 220.20 in line with 50% Fibonacci retracement. Price can potentially rise up to the 1st resistance level at 228.10, in line with 61.8% Fibonacci projection, with a graphical swing high resistance. Our bullish bias is further supported by price trading above the Ichimoku cloud indicator.
Alternative Scenario:
Price might also dip towards the 1st support level of 214.00 in line with 61.8% Fibonacci projection and 78.6%% Fibonacci retracement.
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.