Type:
Bullish Bounce
Key Levels:
Resistance: 34075
Pivot: 33401
Support: 32688
Preferred Case:
On the H4, with price moving above the Ichimoku cloud, we have a bias that price will rise to 1st resistance at 34075 in line with the swing high resistance and 100% Fibonacci projection from pivot at 33401 in line with the overlap support and 23.6% Fibonacci retracement. Our bullish bias is supported by how price has recently broke the descending trendline.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 32688 in line with the horizontal swing low support.
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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.