Type:
Bullish Rise
Key Levels:
Resistance: 22.580
Pivot: 20.475
Support: 18.225
Preferred Case:
On the H4, with prices breaking out of the descending trendline , we have a bullish bias that price will rise from the pivot at 20.475 where the swing low and 50% fibonacci retracement are to the 1st resistance at 22.580 where the overlap resistance is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 18.225 where the pullback support.
Fundamentals:
Federal Reserve will have a hard time raising interest rates in an economy that is so soft. However, this is more likely than not going to be a false pretense, as inflation is still roaring.
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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.