Type:
Bullish Bounce
Key Levels:
Resistance: 25.259
Pivot: 24.771
Support: 24.576
Preferred Case:
Prices have recently broken out of our bullish trendline. We see the potential for prices to climb from our Pivot at 24.771 in line with 23.6% Fibonacci retracement towards our 1st resistance at 25.259 in line with 127.2% Fibonacci extension and 61.8% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 24.576 in line with 38.6% 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.