Type:
Bearish Reversal
Key Levels:
Resistance: 39108.24
Pivot: 38223.21
Support: 35482.49
Preferred Case:
Price is abiding to the descending channel, signifying an overall bearish momentum. We can expect price to make a small retracement to pivot level in line with horizontal resistance and drop to 1st Support in line with 61.8% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is further supported by rsi dropping at resistance level.
Alternative Scenario:
Alternatively, price could push further up towards 1st Resistance in line with 61.8% 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.