Support: 39505.75
Resistance: 44133. 89
Pivot: 42138.05
Type
Bearish Drop
Preference:
Price is reacting in a descending channel, we can expect price to drop further from pivot in line with 61.8% Fibonacci retracement towards the 1st Support in line with 100% Fibonacci projection and -27.2% Fibonacci extension.
Alternative Scenario:
Alternatively, price can reverse back up to 1st Resistance in line with 78.6% Fibonacci retracement and 61.8% 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.