Type: Bullish BounceKey Levels:Resistance: 1033’0Pivot: 985’2Support: 959’0Preferred Case:Prices have approached our Pivot at 985’2 in line with 78.6% Fibonacci Projection. We see the potential for a bounce from our Pivot at 985’2 towards our 1st resistance at 1033’0 in line with 50% Fibonacci retracement and 61.8% Fibonacci Projection. RSI is at levels where dips previously occurred.Alternative Scenario:Price might continue to drop towards the 1st support level of 959’0 in line with 127.2% Fibonacci extension.Fundamentals:No Major News
Source: Tickmill