Type:
Bullish Bounce
Key Levels:
Resistance: 1695'0
Pivot: 1672'6
Support: 1663'2
Preferred Case:
With price moving above our Ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance in line with the 61.8% Fibonacci projection from our pivot of 1672'6 in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1663'2 in line with the horizontal overlap support and 23.6% 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.