Type:
Bullish Bounce
Key Levels:
Resistance: 3146
Pivot: 2924
Support: 2844
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3146 in line with the horizontal swing high resistance and 100% Fibonacci projection level from our pivot of 2924 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Do take note of intermediary resistance at 3031 in line with the swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2844 in line with the horizontal pullback support and 38.2% 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.