Type
Bearish Drop
Support: 43684.39
Resistance: 48772.24
Pivot: 47607.65
Preference:
Price is expected to reverse back down from the pivot level in line with 23.6% Fibonacci retracement and push down towards the 1st Support in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price can push up towards the 1st Resistance in line with previous swing high.
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Past performance is not indicative of future results.
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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.