Type:
Bullish Rise
Key Levels:
Resistance: 1916.681
Pivot: 1842.696
Support: 1808.346
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 1842.696 in line with the 100% fibonacci projection to 1st resistance at 1916.681 in line with the 61.8% fibonacci retracement and swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 1808.0346 where the swing low support and 61.8% fibonacci projection are.
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.