Title
US500 H4 | Bullish Bounce off
Type
Bullish Bounce
Preference:
The price is falling toward the pivot level of 5,956.41, an overlap support close to 38.2% Fibonacci retracement. A bounce at this level could cause the price to rise to 1st resistance at 6,026.85, a swing-high resistance
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 5,903.69, a pullback support close to 61.8% Fibonacci retracement.
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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.