Type:
Bullish Bounce
Key Levels:
Resistance: 1687'6
Pivot: 1660'4
Support: 1646'6
Preferred Case:
With price expected to reverse off the stochastics support, we have a bullish bias that price will rise from our pivot at 660'4 in line with the 100% Fibonacci projection to our 1st resistance at 1687'6 in line with the horizontal pullback resistance and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 1646'6 in line with the horizontal swing low support.
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.