DJI, Reversal from recent swing high. Potential for drop.
Description:
Price drifted lower from recent swing high and Pivot at 30116.5. With RSI testing descending trendline resistance, we see a low probability bearish scenario where price may drop towards ascending trendline support and 1st support at 29599.3. Otherwise, failure to hold below pivot should see price swing the other way towards Fibonacci confluence level and 1st resistance at 30390.3
Pivot: 3685.2
Supporting Points:
78.6% Fibonacci extension, Graphical swing high resistance
1st Support: 3603.7
Supporting Points:
76.4% Fibonacci retracement, Ascending trendline support
1st Resistance: 3712.7
Supporting Points:
100% and 127.2% Fibonacci extension
Trading FX & CFDs carries high risk.
Price drifted lower from recent swing high and Pivot at 30116.5. With RSI testing descending trendline resistance, we see a low probability bearish scenario where price may drop towards ascending trendline support and 1st support at 29599.3. Otherwise, failure to hold below pivot should see price swing the other way towards Fibonacci confluence level and 1st resistance at 30390.3
Pivot: 3685.2
Supporting Points:
78.6% Fibonacci extension, Graphical swing high resistance
1st Support: 3603.7
Supporting Points:
76.4% Fibonacci retracement, Ascending trendline support
1st Resistance: 3712.7
Supporting Points:
100% and 127.2% Fibonacci extension
Trading FX & CFDs carries high risk.