Type:
Bullish Breakout
Key Levels:
Resistance: 36053.98
Pivot: 35899.74
Support: 35778.15
Preferred Case:
Prices are potentially consolidating in a inverse head-and-shoulders. We see potential for a short pullback from our Pivot at 35899.74 in line with 127.2% Fibonacci extension, 78.6% and 50% Fibonacci retracement towards our 1st support at 35778.15 in line with 38.2% and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 36053.98 in line with 161.8% Fibonacci projection, 161.8% Fibonacci extension and 100% Fibonacci extension.
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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.