Type:
Bullish Bounce
Key Levels:
Resistance: 3412
Pivot: 3041
Support: 2837
Preferred Case:
Price is expected to bounce off the Ichimoku support and horizontal overlap support at our pivot of 3041. We are biased that price will rise to 1st resistance at 3412 in line with the 127.2% Fibonacci extension level and horizontal swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 2837 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.