Price is abiding to the ascending trendline, signifying bullish momentum. We can expect price to bounce from pivot level in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with horizontal resistance.

Alternative Scenario:

Alternatively, price could push down to 1st Support in line with 100% Fibonacci projection and 50% Fibonacci retracement.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.