Type:
Bullish Bounce
Key Levels:
Resistance: 53643.64
Pivot: 49441.32
Support: 46951.44
Preferred Case:
Price is abiding to the descending trendline resistance. However, we can expect price to bounce from pivot level in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 161.8% Fibonacci projection and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price could push further down from pivot level to 1st Support in line with 50% 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.