Title
Potential Bullish Bounce

Type
Bullish Bounce

Preference:
Price is trading close to the pivot point of 18,247.89 which is an overlap support that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 18,478.72 which is a pullback resistance at the all-time high.

Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 18,072.71 which is an overlap support that aligns close to the 61.8% Fibonacci retracement level.

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