Type:
Bullish Bounce
Key Levels:
Resistance: 7300.27
Pivot: 7192.63
Support: 7104.65
Preferred Case:
On the H4, with prices moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot level at 7192.63 in line with the 23.6% fibonacci retracement to the 1st resistance at 7300.27 in line with the swing high
Alternative Scenario:
Price may reverse off the pivot and drop to the 1st support at 7104.65 in line with the 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.