Type:
Bullish Bounce
Key Levels:
Resistance: 26292
Pivot: 35823
Support: 35579
Preferred Case:
With price moving above the ichimoku cloud, we have a bullish bias that price will rise to 1st resistance at 26292 in line with the horizontal swing high resistance and 100% Fibonacci projection level from pivot at 35823 in line with the horizontal overlap support. Take note that no Fibonacci levels are lining up nicely and with price on a current uptrend, the better decision would be to buy the dip.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 35579 in line with the horizontal swing low support.
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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.