Type:
Bullish Bounce
Key Levels:
Resistance: 34968
Pivot: 33400
Support: 32418
Preferred Case:
On the H4, with price bouncing off the stochastics indicator, we can expect bullish continuation from our pivot at 33400 in line with the horizontal swing low support towards our 1st resistance at 34968 which is in line with 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 32418, which coincides with the ascending trendline 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.