Type:
Bullish Bounce
Key Levels:
Resistance: 83.739
Pivot: 82.121
Support: 81.403
Preferred Case:
Prices are on bullish momentum. We see the potential for a bounce from our Pivot at 82.121 in line with 38.2% Fibonacci retracement towards our 1st resistance at 83.739 in line with 61.8% Fibonacci extension and 200% Fibonacci Projection. Prices are trading above our ichimoku cloud support further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 81.403 in line with 23.6% 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.