Type:
Bullish Rise
Key Levels:
Resistance: 12200.5
Pivot: 11719.50
Support: 11394.5
Preferred Case:
On the H4, with price bouncing off the ichimoku cloud and moving in an ascending trendline on the RSI, we have a bullish bias that price will rise from the pivot at 11719.50 in line with the pullback support and 61.8% fibonacci projection. Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the 1st resistance at 12200.5 where the multiple swing high resistance and 78.6% fibonacci projection and 61.8% fiboancci retracement are.
Alternative Scenario:
Alternatively, price may break support structure at the pivot and drop to the 1st support level at 11394.5 in line with the swing low, 78.6% fibonacci retracement and 100% 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.