Type:
Bullish Bounce
Key Levels:
Resistance: 232.20
Pivot: 220.60
Support: 214.80
Preferred Case:
Price is near pivot level of 220.60 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. Price can potentially move towards to the 1st resistance level of 232.20 in line with 23.6% Fibonacci projection and 127.2% Fibonacci extension. Our bullish bias is supported by the stochastic indicator as it is at support level.
Alternative Scenario:
Otherwise, price might move towards the 1st support level at 214.80 along with a key graphical overlap support.
Fundamentals:
No major news
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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.