Type:
Bullish Bounce
Key Levels:
Resistance: 3163
Pivot: 2835
Support: 2601
Preferred Case:
On the H4, with price expected to bounce off the stochastics, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 3163 in line horizontal graphical overlap resistance and 78.6% Fibonacci projection level from our pivot at 2835 in line with horizontal swing low support and 78.6% Fibonacci projection level.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2601, which coincides with horizontal swing low support and 127.2% Fibonacci extension.
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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.