Type:
Bullish Breakout
Key Levels:
Resistance: 25208.52
Pivot: 22511.84
Support: 20711.10
Preferred Case:
On the H4, with price breaking out of a descending channel and moving above the ichimoku indicator, we have a bullish bias that price will rise to pivot at 22511.84 where the pullback resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 25208.52 where the swing high resistance is.
Alternative Scenario:
Alternatively, price could drop to 1st support at 20711.10 where the pullback support is.
Source: Tickmill
