Type:
Bearish Reversal
Key Levels:
Resistance: 59592.96
Pivot: 57423.48
Support: 53542.94
Preferred Case:
Price abiding to the descending channel, signifying a bearish momentum. We can expect price to drop from pivot level in line with 38.2% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price to push up to 1st Resistance in line 38.2% Fibonacci retracement and 78.6% 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.