Type:
Bullish continuation
Key Levels:
Resistance: 19.46
Pivot: 18.78
Support: 18.30
Preferred Case:
Prices are on bullish momentum. Prices might potentially move from pivot level of 18.78 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement towards the 1st resistance level at 19.46 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by prices trading above Ichimoku clouds.
Alternative Scenario:
Price can potentially dip to the 1st support level of 18.30 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
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.