Type:
Bullish Rise
Key Levels:
Resistance: 28350
Pivot: 27810
Support: 27550
Preferred Case:
On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 27810 at the overlap support to the 1st resistance at 28350 in line with the 127.2% fibonacci expansion and swing high.
Alternative Scenario:
Price may also reverse off the pivot and drop to the 1st support at 27550 in line with the 100% fibonacci projection and overlap swing low.
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.