Rising into Resistance
Title
Rising into Resistance
Type
Bearish Reversal
Preference:
Price is rising towards the pivot point of 2,343.74 which is an overlap resistance that aligns close to the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 2,315.66 which is a pullback support level.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 2,361.50 which is a pullback resistance that sits above the 50.0% Fibonacci retracement level
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