Type:
Bullish Bounce
Key Levels:
Resistance: 35828
Pivot: 35581
Support: 35282
Preferred Case:
With price moving above the ichimoku cloud, we are biased that price will rise from pivot at 35581 in line with the 23.6% Fibonacci retracement and horizontal overlap support to 1st resistance at 36124 in line with horizontal swing high resistance. Do take note of the intermediate resistance at 35828 in line with the 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 35282 in line with the 38.2% Fibonacci retracement and horizontal overlap support.
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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.