Title
DE30 H4 | Bouncing off support level
Type
Bullish Bounce
Preference:
The DAX is bouncing off the pivot at 17910.07, the pullback support, price could rise to the 1st resistance at 18036.2 a swing-high resistance that aligns closely with the 161.8% Fibonacci retracement.
Alternative scenario:
The momentum might reverse and price could break below the pivot and fall towards the 1st support at 17790.97, 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.