Type

Bearish Reversal

Support: 50325.71

Pivot: 56587.69

Resistance: 59188.33

Preference:

Price broke out of the ascending trendline support,signifying a bearish trend. We can expect price to drop from the pivot level in line with the 61.8% fibonacci projection and ascending trendline support turn resistance, towards the 1st Support in line with 50% Fibonacci retracment.

Alternative Scenario:

Alternatively, price can reverse up to 1st Resistance in line with 127.2% Fibonacci projection.