Type:
Bullish Bounce
Key Levels:
Resistance: 68483.34
Pivot: 63744.32
Support: 62173.62
Preferred Case:
Price is abiding to ascending trendline support, signifying an overall bullish momentum. We can expect price to bounce at the pivot level in line with 127.2% projection and 61.8% Fibonacci retracement towards the 1st Resistance in line with previous swing high and 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price can push down towards 1st Support in line with 161.8% Fibonacci projection and 78.6% 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.