Type:
Bullish Rise
Key Levels:
Resistance: 60722
Pivot: 59114
Support: 57196
Preferred Case:
On the H4, with price moving above the ichimoku indicator and moving along an ascending trendline, we have a bullish bias that price may rise from our pivot at 59114, where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 60722 where the 78.6% fibonacci retracement and overlap support are.
Alternative Scenario:
Alternatively, price could drop to 1st support at 57196 where the overlap support and 38.2% fibonacci retracement are.
Fundamentals:
No key news.
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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.