Type:
Bearish Drop
Key Levels:
Resistance: 59415.26
Pivot: 58168.4
Support: 55983.87
Preferred Case:
Price is abiding to the descendingchannel, signifying a bearish momentum. We can expect price to continue to drop from the pivot point in line with 38.2%Fibonacci retracement towards 1stSupport in line with 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price can push up to 1stResistance in line with 38.2% Fibonacci retracement and 161.8%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.