Type:
Bullish Rise
Key Levels:
Resistance: 66064.81
Pivot: 62035.19
Support: 60454.66
Preferred Case:
Price is abiding to the ascending trendline support, signifying overall bullish momentum. We can expect price to bounce from pivot level in line with 61.8% Fibonacci projection towards 1st resistance in line with 127.2% Fibonacci projection.
Alternative Scenario:
Alternatively, price could push further down to 1st support in line with 78.6% Fibonacci projection.
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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.