Type:
Bullish Rise
Key Levels:
Resistance: 12261.50
Pivot: 11973.00
Support: 11745.25
Preferred Case:
On the H4, with price moving above the ichimoku cloud and has broken through the descending trendline, we have a bullish bias that price will rise to the pivot at 11973.00 in line with the pullback resistance and 78.6% fibonacci retracement . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the 1st resistance at 12261.50 where the swing high resistance and 100% fibonacci projection are.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 11745.25 in line with the pullback support, 38.2% fibonacci retracement and 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.