Type:
Bullish Bounce
Key Levels:
Resistance: 7684.36
Pivot: 7521.33
Support: 7458.58
Preferred Case:
Prices are on bullish momentum. We see the potential for bounce from our Pivot at 7521.33 in line with 100% Fibonacci projection towards our 1st resistance at 7684.36 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 7458.58 which is a graphical swing low.
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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.