TypeBearish Reversal
Support: 53718.97
Resistance: 59840.82
Pivot: 58631.13
Preference:We can expect price to reverse at the pivot level in line with 100% Fibonacci projection towards the 1st support in line with 23.6% Fibonacci retracement and 127.2% Fibonacci projection.
Alternative Scenario:Alternatively, price might push upwards the 1st Resistance in line with 127.2% 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.