Type:
Bullish Breakout
Key Levels:
Resistance: 1791.774
Pivot: 1781.247
Support: 1769.55
Preferred Case:
Prices are on bullish momentum and abiding to our bullish trendline. We see potential for a bounce at our Pivot at 1781.247 which is an area of Fibonacci confluences towards our 1st resistance at 1791.774 in line with 100% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1769.55 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement.
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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.