Type:
Bullish Rise
Key Levels:
Resistance:
673.75
Pivot:
651.25
Support:
638.25
Preferred Case:
Looking at the H4 chart, my overall bias for ZC1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a possible shift to bullish market structure. If this bullish momentum continues, expect price to possibly head towards the resistance at 673.75, where the 50% Fibonacci line is.
Alternative Scenario:
Price may head back down to break the pivot at 651.25 where the previous swing low is before heading towards the support at 638.25, where the -27.2% Fibonacci expansion line and recent low are located.
Fundamentals:
There are no major news
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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.