Type:
Bullish Bounce
Key Levels:
Resistance: 82.98
Pivot: 82.409
Support: 82.181
Preferred Case:
Price is abiding to the ascending channel, signifying an overall bullish momentum. We can expect price to push further up from pivot level in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement. Our bullish bias is further supported by the MACD Indicator where the MACD line is above the signal line.
Alternative Scenario:
Alternatively, price can drop down to 1st Support in line with 38.2% Fibonacci retracement and graphical overlap 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.