Type: Bullish BounceKey Levels:Resistance: 40596.7Pivot: 35251.6Support: 33937.23Preferred Case:Price is abiding to the descending channel, signifying an overall bearish momentum. However, price is reacting at the support level of the channel, hence, we can expect a short-term bullish bounce from the pivot level. We can potentially see price bounce from the pivot level in line with 100% Fibonacci projection towards 1st Resistance level in line with 161.8% Fibonacci projection, horizontal overlap resistance and channel resistance. Our short-term bullish bias is further supported by the stochastic indicator where %K line bounced at the support level.Alternative Scenario:Alternatively, price could push further down to 1st Support in line with 127.2% Fibonacci projection and previous swing low.
Source: Tickmill
