Type:
Bullish Bounce
Key Levels:
Resistance: 34990
Pivot: 34300
Support:
Preferred Case:
On the H4, with price expected to bounce off the support of the stochastic, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 34990 in line horizontal graphical swing high resistance from our pivot at 34300 in line with horizontal swing low support and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 33785 which coincides with horizontal swing low support and 78.6% Fibonacci projection level.
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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.