Type

Bullish Rise

Support: 53380.39

Pivot: 56458.20

Resistance: 60496.15

Preference:

Price is showing a bullish continuation by holding above the ascending trendline support. We can expect price to push up from the pivot level in line with 100% Fibonacci projection and 127.2% Fibonacci retracement towards the 1st resistance in line with 127.2% Fibonacci projection and 161.8% Fibonacci retracement. Our bullish bias is further supported by the price holding above the 95 period MA.

Alternative Scenario:

Alternatively, price could reverse back down to 1st Support in line with 23.6% Fibonacci retracement.