Type:
Bullish Bounce
Key Levels:
Resistance: 41859.63
Pivot: 35797.55
Support: 33004.45
Preferred Case:
Prices are at a Pivot. We see the potential for a bounce from our Pivot at 35797.55 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci Projection towards our 1st resistance at 41859.63 in line with 61.8% Fibonacci retracement. RSI are at levels where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 33004.45 in line with 100% 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.