Type:
Bullish Bounce
Key Levels:
Resistance: 2346.0
Pivot: 2192.0
Support: 2124.5
Preferred Case:
Price is near pivot level of 2192.0 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially rise up to the 1st resistance level at 2346.0, in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Our bullish bias is further supported by the stochastic indicator where it is at resistance level.
Alternative Scenario:
Price might continue to dip towards the 1st support level of 2124.5 in line 61.8% Fibonacci retracement and 78.6% 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.