Type:
Bullish Bounce
Key Levels:
Resistance: 58221.28
Pivot: 55799.81
Support: 53825.61
Preferred Case:
We can expect that price would make a bounce from pivot level in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement towards 1st Resistance in line with 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, could ride the downward trend to 1st Support in line with 78.6% Fibonacci projection.
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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.