Type:
Bullish Bounce
Key Levels:
Resistance: 758'6
Pivot: 738'0
Support: 716'0
Preferred Case:
Price is near pivot level of 738'0 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially rise up to the 1st resistance level at 758'6, in line with 161.8% Fibonacci extension. Our bullish bias is further supported by price trading above the Ichimoku cloud indicator.
Alternative Scenario:
Price might also dip towards the 1st support level of 716'0 in line with 100% Fibonacci projection and 61.8% 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.