Type:
Bullish Bounce
Key Levels:
Resistance: 1783.95
Pivot: 1646.5
Support: 1464.71
Preferred Case:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our pivot at 1646.5 where the overlap resistance is. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 1783.95 where the swing high resistance, 127.2% fibonacci extension and 61.8% fibonacci projection are.
Alternative Scenario:
Alternatively, price could drop to 1st support at 1464.71 where the pullback support, 100% fibonacci projection and 38.2% fibonacci retracement are.
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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.