Type:
Bullish Bounce
Key Levels:
Resistance: 27479.38
Pivot: 27171.76
Support: 26531.38
Preferred Case:
Prices are on bearish momentum and consolidating in a descending channel. We see the potential for a dip from our Pivot at 27171.76 in line with 100% Fibonacci extension toward sour 1st support at 26531.38 in line with 100% Fibonacci extension. Prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 27479.38 in line with 161.8% Fibonacci Projection.
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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.