Type:
Bullish Rise
Key Levels:
Resistance: 814'4
Pivot: 787'4
Support: 774'0
Preferred Case:
On the H4, with price moving in an ascending trend channel and above the ichimoku cloud, we have a bullish bias that price will continue to rise from the pivot at 787'4 in line with the pullback support and 61.8% fibonacci retracement to the 1st resistance at 814'4 in line with the 100% fibonacci projectionat the swing high.
Alternative Scenario:
Alternatively, price may drop from the pivot to the 1st support at 774'0 at the swing low.
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.