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ZNH2022 H4 | Awaiting Bullish Confirmation

31949 znh2022 h4 awaiting bullish confirmation

Type: Bullish ContinuationKey Levels:Resistance: 127″14″0Pivot: 126″31″0Support: 126’16’0Preferred Case:Price is trading in a descending channel and is at support of the descending channel. Our pivot is placed at 126″31″0 in line with 23.6% Fibonacci retracement. Price can potentially break this key level and go to the resistance level of 127’14’0 which is in line with 78.6% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is supported by the stochastic as it at supportAlternative Scenario:Alternatively price can dip to the support level of 126″16″0 which is also 161.8% Fibonacci retracement.

Source: Tickmill

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