Type:
Bullish Rise
Key Levels:
Resistance: 27740
Pivot: 27370
Support: 27140
Preferred Case:
On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will; rise from pivot at 27370 in line with the overlap support to the 1st resistance at 27740 in line with the 127.2% fibonacci extension and horizontal swing high.
Alternative Scenario:
Alternatively, price may break the pivot and support structure and drop to the 1st support at 27140 in line with the 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.