Type:
Bullish Bounce
Key Levels:
Resistance: 120.15
Pivot: 115.86
Support: 113.85
Preferred Case:
Prices are abiding to our graphical swing low support. We see the potential for short bounce from our Pivot at 115.86 in line 78.6% Fibonacci retracement towards our 1st resistance at 120.15 in line with 50% Fibonacci retracement and 61.8% Fibonacci Projection. Our bearish bias is further supported by RSI being close to levels where bounces occurred previously.
Alternative Scenario:
If prices were to dip further, they can potentially dip towards our 1st support at 113.85 which is in line with 127.2% 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.