On the H4, with price moving within a bullish channel and above the ichimoku indicator, we have a bullish bias that price might rise to our pivot at 24267.52 where the pullback resistance is. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 26097.86 where the 161.8% fibonacci extension and 100% fibonacci projection are.
Alternatively, price could drop to 1st support at 22482.7 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
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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.
Daily Market Outlook, August 1, 2022