Type:
Bullish Continuation
Key Levels:
Resistance: 20.12
Pivot: 19.39
Support: 18.98
Preferred Case:
Price is at pivot level of 19.39 in line with 23.6% Fibonacci retracement. Price can potentially continue its rally to the 1st resistance level of 20.12 which is a graphical high swing. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it.
Alternative Scenario:
Price dip to the 1st support level of 18.98 in line with 32.2% 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.