Type:
Bullish Bounce
Key Levels:
Resistance: 3268
Pivot: 2833
Support: 2586
Preferred Case:
With price expected to bounce off the support of the stochastics, we can expect price to rise to our 1st resistance at 3268 in line horizontal graphical swing high resistance from our pivot at 2833 in line with horizontal overlap support and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2586, 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.