DJI is facing resistance from pivot, potential reversal.
Description:
Price is facing bearish pressure below our pivot at 31120.9 which is also a 61.8% Fibonacci retracement level and also a graphical overlap. With price holding below moving average, we see a medium probability bearish scenario where price could drop towards graphical swing low and 1st support at 30627.5. Otherwise, failure to hold below pivot could see price swing towards 1st resistance at 31322.3
Pivot: 31120.9
Supporting Points:
61.8% Fibonacci retracement and graphical overlap resistance
1st Support: 30627.5
Supporting Points:
Graphical swing low support
1st Resistance: 31322.3
Supporting Points:
61.8% Fibonacci extension
Trading FX & CFDs carries high risk.
Price is facing bearish pressure below our pivot at 31120.9 which is also a 61.8% Fibonacci retracement level and also a graphical overlap. With price holding below moving average, we see a medium probability bearish scenario where price could drop towards graphical swing low and 1st support at 30627.5. Otherwise, failure to hold below pivot could see price swing towards 1st resistance at 31322.3
Pivot: 31120.9
Supporting Points:
61.8% Fibonacci retracement and graphical overlap resistance
1st Support: 30627.5
Supporting Points:
Graphical swing low support
1st Resistance: 31322.3
Supporting Points:
61.8% Fibonacci extension
Trading FX & CFDs carries high risk.