Type:
Bullish Momentum
Key Levels:
Resistance: 12599.75
Pivot: 12270.00
Support: 12106.25
Preferred Case:
On the H4, with price moving in an ascending trend channel, we have a bullish bias that price will continue to rise from the pivot at 12270.00 at the pullback resistance to the 1st resistance at 12599.75 at the swing high in line with the 78.6% fibonacci retracement and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 12106.25 at the swing low in line with the 50% 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.