Type:
Bullish Bounce
Key Levels:
Resistance: 33432.7
Pivot: 32615.21
Support: 31924.46
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 32615.21 where the horizontal overlap support is to our 1st resistance at 33432.7 in line with the swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 31924.46 where the pullback support, 78.6% fibonacci projection and 50% fibonacci retracement are.
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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.