Type:
Bearish Reversal
Key Levels:
Resistance: 62418.05
Pivot: 60764.85
Support: 57933.49
Preferred Case:
We can expect price to drop from the pivot level in line with 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci extension, 127.2% Fibonacci projection and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price could push upwards to 1st Resistance in line with 38.2% 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.