Type:
Bullish Breakout
Key Levels:
Resistance: 53827.79
Pivot: 51516.62
Support: 49205.44
Preferred Case:
Price brokeout of the descending trendline resistance, signifying potential bullish momentum. We can expect price to push up from pivot (if price closes above it) level in line with 78.6% Fibonacci projection towards 1st resistance in line with 127.2% Fibonacci projection and 127.2% Fibonacci retracement. Our bullish bias is further supported by the ichimoku cloud indicator where the price is holding above it.
Alternative Scenario:
Alternatively, price could drop back down to 1st Support in line with 38.2% 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.