Type:
Bullish Bounce
Key Levels:
Resistance: 1762'6
Pivot: 1661'4
Support: 1632'2
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1661'4 in line with 50% Fibonacci retracement towards our 1st resistance at 1762'6 in line with 100% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further substantiated by prices trading above our MA cross 50 & 200, forming a golden cross.
Alternative Scenario:
If prices were reverse, they can potentially dip towards our 1st support at 1632'2 which is a graphical swing low and also in line with 78.6% Fibonacci retracement and our ascending trendline.
Fundamentals:
No major news.
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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.