Type:
Bullish Bounce
Key Levels:
Resistance: 33462.53
Pivot: 32613.24
Support: 31887.63
Preferred Case:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 32613.24 where the pullback support is to the 1st resistance at 33462.53 where the swing high resistance, 161.8% fibonacci extension and -61.8% fibonacci expansion are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 31887.63 where the pullback support, -61.8% fibonacci expansion, 38.2% fibonacci retracement and 78.6% 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.
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Source: Tickmill