Type:
Bullish Rise
Key Levels:
Resistance: 31852
Pivot: 30821
Support: 30405
Preferred Case:
On the H4, with price moving in an ascending trend channel and ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 31913 at the pullback support in line with the 61.8% and 78.6% fibonacci projections to the 1st resistance at 32682 at the pullback resistance in line with the 78.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 31498 at the pullback support.
Fundamentals:
No Major News
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
MICRO BITCOIN FUTURES (MBT1!), H4 Potential For Bullish Rise
Next Post
Swiss Franc Futures ( 6S1! ), H4 Potential For Bullish Rise
Source: Tickmill