Type:
Bullish Breakout
Key Levels:
Resistance: 12929.37
Pivot: 11746.99
Support: 11073.84
Preferred Case:
On the H4, with price moving in an ascending trendline on the RSI and breaking through a bullish divergence, we have a bullish bias that price will rise from the pivot at 11746.99 in line with the 61.8% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 12929.37 in line with the swing high and 38.2% fibonacci retracement.
Alternative Scenario:
Alternatively, price could bounce off the pivot and drop to the 1st support at 11073.84 at the horizontal swing low.
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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.