Testing key supports: Despite correcting by >6% over the past 3 weeks, the index is now looking to test the 5.5-month uptrend line and the nearby key supports around the 2500 level.
Technical indicators still pointing south:While both the RSI and MACD indicators are still showing bearish signals, it is unlikely that the next 2424 support would be called into play.
At an important juncture: With the index retreating back to the 20,000 level last week, much remains to be seen whether the index will be able to sustain above this level.
Technical indicators still bearish:With the RSI falling below the 50% level and the MACD indicator still heading lower, the odds may favor the bears.
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