Type:
Bullish Bounce
Key Levels:
Resistance: 34359
Pivot: 34359
Support: 32906
Preferred Case:
With price expected to bounce off the support of the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 34359 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement from our pivot of 34359 in line with the 50% Fibonacci retracement and horizontal overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 32906 in line with the horizontal swing low support and 61.8% Fibonacci retracement
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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.