Bearish Reversal

Key Levels:
Resistance: 43811.
Pivot: 42275.85
Support: 39778.7

Preferred Case:
Price is abiding to the descending trendline resistance, signifying overall bearish momentum. We can expect price to continue to drop from pivot level in line with 23.6% Fibonacci retracement and graphical overlap support (if price close below pivot) towards 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.

Alternative Scenario:
Alternatively, price could push higher up to the 1st Resistance in line with 78.6% Fibonancci retracement.