Type:
Bullish Bounce
Key Levels:
Resistance: 1791.371
Pivot: 1781.785
Support: 1773.881
Preferred Case:
Prices are on bullish momentum. We see potential to climb from our Pivot at 1781.785 in line with 61.8% Fibonacci extension and 38.2% Fibonacci retracement towards our 1st resistance at 1791.371 which is a graphical swing high.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1773.881 which is an area of Fibonacci confluences.
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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.