Type Bullish Rise

Support:56040.5

Resistance: 60498.50

Pivot: 57380.25

Preference: Price is on a ascending trendline support, signifying a bullish momentum. We can expect price to continue to ride the bullish momentum from the pivot level (current price) to the 1st Resistance in line with 161.8% Fibonacci retracement and 61.8% Fibonacci projection.

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