Type:
Bullish Rise
Key Levels:
Resistance: 24320
Pivot: 22525
Support: 21450
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 22525 where the pullback support and 38.2% fibonacci retracement are to the 1st resistance at 24320 in line with swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 21450 in line with the 50% fibonacci retracement and 78.6% 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.