Type: Bullish BounceKey Levels:Resistance: 1762’6Pivot: 1661’4Support: 1632’2Preferred Case:Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1661’4 in line with 50% Fibonacci retracement towards our 1st resistance at 1762’6 in line with 100% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further substantiated by prices trading above our MA cross 50 & 200, forming a golden cross.Alternative Scenario:If prices were reverse, they can potentially dip towards our 1st support at 1632’2 which is a graphical swing low and also in line with 78.6% Fibonacci retracement and our ascending trendline.Fundamentals:No major news.
Source: Tickmill
