Type:
Bullish Rise
Key Levels:
Resistance:1642'2
Pivot: 1633'0
Support: 1610'6
Preferred Case:
With price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise to our 1st resistance in line with the 38.2% Fibonacci retracement from our pivot in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support in line with the 127.2% Fibonacci extension.
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.