Type:
Bullish Bounce
Key Levels:
Resistance: 1729'0
Pivot: 1668'0
Support: 1650'4
Preferred Case:
Prices are on bullish momentum and consolidating in a potential triangle. With price moving above the Ichimoku cloud, we see the potential for a bounce from our Pivot at 1668'0 in line with 78.6% Fibonacci retracement towards our 1st resistance at 1729'0 in line with horizontal swing high resistance and 78.6% Fibonacci Projection.
Alternative Scenario:
Alternatively, price can potentially dip towards our 1st support at 1650'4 which is a graphical swing low and also in line with 50% 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.