Type:
Bullish Bounce
Key Levels:
Resistance: 3252
Pivot: 3034
Support: 2811
Preferred Case:
With price moving above the Ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 3252 in line horizontal graphical swing high resistance and 100% Fibonacci projection from our pivot in line with horizontal overlap support and 38.2% Fibonacci retracement at 3034.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2811, which coincides with horizontal overlap support and 61.8% 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.