Type:
Bearish Reversal
Key Levels:
Resistance: 59602.24
Pivot: 57496.06
Support: 53542.94
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 38.2% 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 78.6% 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.