Type:
Bullish Bounce
Key Levels:
Resistance: 115.266
Pivot: 113.852
Support: 112.753
Preferred Case:
Prices are on a bullish momentum. We see potential for prices to test our Pivot at 113.852 in line with 23.6% Fibonacci retracement and climb towards our 1st resistance at 115.266 in line with 121.2% Fibonacci extension and 161.8% Fibonacci projection to ascending bullish trendline.
Alternative Scenario:
Alternatively, prices might dip towards our 1st support at 112.753 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.