Type
Bullish Bounce
Support: 27641.42
Resistance: 29486.3
Pivot:28362.81
Preference:
Price is approaching descending trendline resistance turn support and awaiting for a bounce. We can expect price to bounce from pivot level in line with 61.8% Fibonacci retracement and 161.8% Fibonacci projection towards the 1st Resistance in line with 127.2% Fibonacci projection and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively price can push downwards towards the 1st Support in line with 78.6% 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.