Type:
Bullish Bounce
Key Levels:
Resistance: 126.094
Pivot: 123.55
Support: 122.619
Preferred Case:
Prices are on bullish momentum and abiding by an ascending trendline. We see the potential for a bounce from our Pivot at 123.55 in line with 23.6% Fibonacci retracement towards our 1st resistance at 126.094 which is an area of Fibonacci confluences. Prices are trading above our Ichimoku clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 122.619 in line with 50% 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.