Type
Bullish Bounce
Pivot: 52877.66
Resistance: 60509.06
Support: 50483.81
Preference:
Price is expected to push up higher if price pushes pass the intermediate resistance in line with 100% Fibonacci Projection and 127.2% Fibonacci Retracement. We can expect price to bounce from pivot level in line with the ascending trendline support and 23.6% Fibonacci retracement towards the 1st Resistance in line with 161.8% Fibonacci retracement and 127.2% Fibonacci projection. The bullish bias is further supported by the price holding above the 95 period MA.
Alternative Scenario:
Alternatively, price can reverse down from the intermediate resistance and push down tot he 1st Support in line with 38.2% Fibonacci projection and break the ascending trendline support.
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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.