Type:
Bullish Reversal
Key Levels:
Resistance: 18.97
Pivot: 18.25
Support: 18.03
Preferred Case:
Price has already broken out of descending trendline and thus we are seeing a bullish reversal. Price is near pivot level of 18.25 in line 23.6% Fibonacci retracement. We expect price to reversal upwards to the resistance level of 18.97 in line with 78.6% Fibonacci retracement and 100% projection. Our bullish bias is further supported by the Ichimoku cloud indicator whereby price is trading above Ichimoku cloud.
Alternative Scenario:
Otherwise, price can potentially dip to support level of 18.03 in line with 23.6% Fibonacci retracement.
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.