Type:
Bullish Bounce
Key Levels:
Resistance: 4299.05
Pivot: 4078.52
Support: 3905.04
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 4078.52 in line with the 38.2% fibonacci retracement to the 1st resistance at 4299.05 at the overlap swing high.
Alternative Scenario:
Alternatively, price may break the support structure at the pivot and drop to the 1st support at 3905.04 in line with the 61.8% fibonacci projection.
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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.