Type:
Bullish Bounce
Key Levels:
Resistance: 3245
Pivot: 3052
Support: 2974
Preferred Case:
With price moving above the ichimoku cloud, we can expect price to rise to our 1st resistance at 3245 in line horizontal graphical swing high resistance from our pivot at 3052 in line with horizontal overlap support and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2974, 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.