Type:
Bullish Bounce
Key Levels:
Resistance: 2833
Pivot: 2500
Support: 2325
Preferred Case:
Price is expected to bounce off our pivot at 2500 in line with the 61.8% Fibonacci retracement, horizontal overlap support and the support of the Ichimoku cloud to our 1st resistance at 2833 in line with the 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2325 in line with the horizontal swing low 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.