Title
Potential bullish reversal
Type
Bullish Bounce
Preference:
We are seeing a bullish divergence, which suggests that the price may reverse from this support level. The resistance target if it bounces will be at our 1st resistance level, where the price has had multiple rejections in the past..
Alternative scenario:
If the price were to break our pivot, it could come down to our next support level
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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.