With price approaching the resistance of the stochastics indicator indicating a reversal and an existing bearish divergence, we are biased that price will dip from pivot at 36078 in line with the 127.2% Fibonacci extension level to 1st support at 35814 in line with the 38.2% Fibonacci retracement level.

Alternative Scenario:

Alternatively, we may see price break pivot and head for 1st resistance at 36148 in line with 161.8% Fibonacci extensions.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.