Type:
Bullish Breakout
Key Levels:
Resistance: 34296.57
Pivot: 33461.36
Support: 32586.42
Preferred Case:
On the H4, with price moving along the ascending trendline and bouncing off the stochastic support, we have a bullish bias that price will rise to pivot at 33461.36 where the pullback resistance and 50% fibonacci retracement are. Should price break pivot structure, we would expect bullish momentum to carry price to 1st resistance at 34296.57 where the swing high resistance, 127.2% fibonacci extension, -27.2% fibonacci expansion and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could drop to 1st support at 32586.42 where the pullback support and 38.2% fibonacci retracement are.
Source: Tickmill
