Title
BCOUSD H4 | Potential Bullish Bounce
Type
Bullish Bounce
Preference:
Price is trading close to the pivot point of 84.64 which is an overlap support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 86.17 which is a pullback resistance level
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 83.74 which is a pullback support that lies under the 23.6% Fibonacci retracement level.
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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.