Type:
Bullish Bounce
Key Levels:
Resistance: 51818.22
Pivot: 47023.08
Support: 45010.04
Preferred Case:
Price is abiding to the descending trendline resistance, signifying overall bearish momentum. However, we can expect price to make a short-term bullish bounce to the descending trendline resistance from the pivot level in line with graphical overlap towards 1st Resistance in line with 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price might push even further down to the 1st Support in line with 61.8% Fibonacci projection and 127.2% Fibonacci extension.
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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.