Type:
Bullish Bounce
Key Levels:
Resistance: 220.75
Pivot: 211.10
Support: 204.70
Preferred Case:
Price is near pivot level of 211.10 in line with 127.20% Fibonacci extension and 61.8% Fibonacci projection. Price can potentially move towards the 1st resistance level of 220.75. Our bullish bias is further supported by stochastic indicator as it is at support level.
Alternative Scenario:
Price could also head towards the 1st support level of 204.70 in line with 78.6% Fibonacci projection and 138.2%% Fibonacci extension.
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.