Type:
Bullish Momentum
Key Levels:
Resistance: 62941
Pivot: 62243
Support: 61634
Preferred Case:
On the H4, price is moving above the ichimoku cloud and within the ascending trendline which supports bullish bias that price will rise from our pivot at 26610 in line with the 38.2% fibonacci retracement to the resistance at 27740 in line with the 78.6% fibonacci retracement and swing high. Additionally, the presence of bullish pressure shown on the MACD indicator further supports our bullish bias.
Alternative Scenario:
Price may reverse and break the pivot and drop to our support level at 25660 in line with the 78.6% fibonacci projection .
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.