Type:
Bullish Rise
Key Levels:
Resistance: 781'0
Pivot: 759'0
Support: 749'2
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise from our pivot at 759'0 in line with the overlap support to to 1st resistance at 781'0 in line with the 61.8% fibonacci retrcaement and multiple swing high.
Alternative Scenario:
Alternatively, price may break support structure at the pivot and drop to the 1st support at 749'2 at the pullback support and 61.8% fibonacci projection .
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.