Type:
Bearish Reversal
Resistance: 15604.04
Support: 15278.26
Pivot: 15445.99
Preference:
Prices are on a bearish momentum. Prices have the potential to dip from our Pivot at 15445.99 in line with 23.6% Fibonacci retracement and 50% Fibonacci retracement towards our 1st support at 15278.26 in line with 50% Fibonacci retracement and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, prices might climb higher towards our area of 1st resistance at 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.