Type:
Bullish Bounce
Key Levels:
Resistance: 24662.92
Pivot: 22483.15
Support: 20696.63
Preferred Case:
On the H4, with price moving within a bullish channel and RSI moving along an ascending trendline, we have a bullish bias that price will rise from our pivot at 22483.15 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24662.92 where the swing high resistance and 61.8% fibonacci projection are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 20696.63 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Source: Tickmill
