Type:
Bullish Breakout
Key Levels:
Resistance: 28328.52
Pivot: 26861.34
Support: 25980.72
Preferred Case:
On the H4, with price bouncing off the ichimoku cloud and moving in an ascending trend channel, we have a bullish bias that price will continue to rise from the pivot at 26861.34 in line with the pullback support and 50% fibonacci retracement to the 1st resistance at 28328.52 in line with the multiple swing high and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 25980.72 in line with the pullback 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.