Type:
Bullish Bounce
Key Levels:
Resistance: 28355.19
Pivot: 27756.28
Support: 27131.15
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will continue to rise from our pivot at 27756.28 in line with the overlap swing high to our 1st resistance at 28355.19 in line with the 127.20% fibonacci expansion at the swing high.
Alternative Scenario:
Alternatively, price may reverse and break the support level at our pivot and drop to our 1st support at 27131.15 in line with the 61.8% fibonacci projection .
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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.