Type:
Bullish Bounce
Key Levels:
Resistance: 23.069
Pivot: 22.464
Support: 22.299
Preferred Case:
Prices have recently broken out of our descending trendline resistance and are on bearish momentum. We see the potential for further bullish continuation from our Pivot at 22.464 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci retracement towards our 1st resistance at 23.069 in line with 100% Fibonacci retracement and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 22.299 in line with 23.6% Fibonacci retracement.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.