Type:
Bullish Rise
Key Levels:
Resistance: 32634
Pivot: 31214
Support: 30455
Preferred Case:
On the H4, with price moving in an ascending trendline and above the ichimoku cloud, we have a bullish bias that price will continue to rise from the pivot at 31214 at the swing high in line with the 50% fibonacci retracement to the 1st resistance at 32634 at the pullback resistance in line with the two 100% fibonacci projections.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 30455 at the swing low in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement.
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.