Type:
Bearish Reversal
Key Levels:
Resistance: 53612.58
Pivot: 51791.83
Support: 46979.83
Preferred Case:
Price is abiding to descending trendline resistance, signifying overall bearish momentum. We can expect price to drop from the pivot level in line with 50% FIbonacci retracement and 78.6% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci projection and horizontal support. Our bearish bias is further supported by the 100 period moving average.
Alternative Scenario:
Alternatively, price could push higher towards 1st Resistance in line with 127.2% Fibonacci projection and 61.8% 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.