Type:
Bearish Reversal
Key Levels:
Resistance: 30445.27
Pivot: 29745.8
Support: 29269.23
Preferred Case:
Prices are on a bullish momentum. We see potential for a Pullback from our Pivot at 29745.8 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension towards our 1st support at 29269.23 in line with 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 30445.27 which is an area of Fibonacci confluences.
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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.