Type:
Bullish Bounce
Key Levels:
Resistance: 3470
Pivot: 3030
Support: 2763
Preferred Case:
On the H4, with price moving above the ichimoku indicator, we have a bias that price will rise to our 1st resistance at 3470 in line with the horizontal swing high resistance from our pivot at 3030 in line with the horizontal pullback support and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2763 in line with the horizontal pullback support and 78.6% 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.