Type:
Bullish Bounce
Key Levels:
Resistance: 50880.12
Pivot: 46949.92
Support: 44666.16dv
Preferred Case:
Price is currently abiding to the descending trendline resistance, signifying overall bearish momentum. However, we can expect price to bounce from the pivot level in line with 61.8% Fibonacci projection towards 1st Resistance in line with 50% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where there is a bullish divergence identified.
Alternative Scenario:
Alternatively, price could push further down to the 1st Support in line with 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.