Type:
Bullish Continuation
Key Levels:
Resistance: 19.90
Pivot: 19.00
Support: 18.61
Preferred Case:
We can see that price is breaking out of the descending channel. Price is near the pivot level of 19.00 in line with overlap support. We expect price to move towards 1st resistance level of 19.90 in line with 61.8% Fibonacci projection, along with a swing high resistance.
Alternative Scenario:
Price may break our pivot structure and head for 1st support at 18.61 in line with 78.6% 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.