Type:
Bullish Bounce
Key Levels:
Resistance: 120’30’5
Pivot: 118’07’0
Support: 116’17’0
Preferred Case:
On the H4, with price moving in an ascending trend channel and moving above the ichimoku cloud , we have a bullish bias that price will bounce off the pivot at 118’07’0 in line with the overlap support to the 1st resistance at 120’30’5 at the swing high.
Alternative Scenario:
Alternatively, price may break the support structure at the pivot and drop to the 1st support at 116’17’0 at the overlap swing low in line with the two 61.8% fibonacci projections.
Fundamentals:
US indexes moved moderately higher with better-than-expected US economic reports. Hence, we have a bullish view on the 10-year t-note futures.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Written by Desmond Leong
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.
Previous Post
DAX FUTURES (FDAX1!), H4 Potential For Bullish Rise
Source: Tickmill