Bearish Reversal

Key Levels:
Resistance: 43469.39
Pivot: 42366
Support: 39791.43

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 and graphical overlap resistance towards 1st Support in line with 61.8% Fibonacci projection, 78.6% Fibonacci retracement and previous swing low. 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 and break the descending trendline resistance and touch 1st Resistance in line with 78.6% Fibonacci retracement.