Type:
Bullish Rise
Key Levels:
Resistance: 64046
Pivot: 61739
Support: 58718
Preferred Case:
On the H4, with price moving within the ascending trend channel and above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 61739 in line with the 23.6% fibonacci retracement and 61.8% fibonacci projection to the 1st resistance at 64046 in line with the 38.2% fibonacci retracement .
Alternative Scenario:
Alternatively, price may drop from the pivot to the 1st support at 58718 at the swing low.
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.