SGX NIFTY 50 INDEX FUTURES (SGX:IN1!), H4 Potential For Bullish Continuation
Type:
Bullish Momentum
Key Levels:
Resistance: 16860.5
Pivot: 16352.0
Support: 15926.5
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will continue to rise from the pivot at 16352.0 in line with the 61.8% fibonacci projection and 38.2% fibonacci retracement to the resistance at 16860.5 in line with the 50% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break the pivot and drop to the support at 15926.5 in line with the 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.