Type:
Bearish Drop
Key Levels:
Resistance: 59598.53
Pivot: 57492.35
Support: 53539.23
Preferred Case:
Price is abiding to the descending channel, signifying bearish momentum. We can assume that price would push further down from the pivot level in line with 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price could bounce up from pivot level towards 1st Resistance in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement
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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.