Type:
Bullish Bounce
Key Levels:
Resistance: 45373
Pivot: 43809
Support: 42867
Preferred Case:
With price expected to bounce off the support of the Ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 45373 in line horizontal graphical swing high resistance from our pivot at 43809 in line with horizontal overlap support and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 42867, which coincides with horizontal swing low support and 61.8% 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.