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SGX NIFTY 50 INDEX, H4 Potential For Bearish Momentum

40784 sgx nifty 50 index h4 potential for bearish momentum

Type: Bearish MomentumKey Levels:Resistance: 16821.5 Pivot: 16484.5Support: 15914.5Preferred Case:On the H4, with price moving below ichimoku cloud and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from the pivot at 16484.5 in line with the swing high and 100% fibonacci projection to the 1st support at 15914.5 in line with the swing low and 78.6% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the pivot and rise to the 1st resistance at 16821.5 in line with the 61.8% fibonacci retracemeFundamentals:No major news

Source: Tickmill

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