Type:
Bullish Bounce
Key Levels:
Resistance: 35419
Pivot: 34861
Support: 34411
Preferred Case:
With price expected to bounce off the support of the Ichimoku cloud where the 23.6% Fibonacci retracement and horizontal overlap support aligns at our pivot of 34861. We are expecting to see price rise to 1st resistance at 35419 in line with the 78.6% Fibonacci retracement level.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 34411 in line with the 78.6% Fibonacci retracement and 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.