Bearish Drop

Key Levels:
Resistance: 58321.35
Pivot: 57082.42
Support: 53640.96

Preferred Case:

Price is reacting in between a descending channel, signifying an overall bearish momentum. We can expect price to drop form pivot level in line with 38.2% Fibonacci retracement toward 1st Support in line with 78.6% Fibonacci projection.

Alternative Scenario:

Alternatively, price could push up to 1st Resistance in line with 78.6% Fibonacci retracement and 127.2% Fibonacci Projection.