Bearish Reversal

Key Levels:
Resistance: 45514.76
Pivot: 43995.2
Support: 40641.22

Preferred Case:
Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 38.2% Fibonacci retracement towards the 1st Support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by Ichimoku acting as a resistance.

Alternative Scenario:
Alternatively, price could push higher to the 1st Resistance in line with 50% Fibonacci retracement.