This week, the index almost tested its support at 4734, opening on Monday at 4750. Since then, it went up again short of a trend line, this time the resistance at 4984, hitting 4962 intraday on Thursday.
As long as none of these 2 marks are passed through, the index is expected to keep trading sideways. Indicators don't show any divergences and their position doesn't help to favour an uptrend or downtrend scenario.
Given the index is still in an uptrend from Oct 22nd, a breakout of the resistance above 4970 would pave the way for a new rise, to at least 5053.
Long holders would keep their positions, no short advised, wait for the breakout above 4970
As long as none of these 2 marks are passed through, the index is expected to keep trading sideways. Indicators don't show any divergences and their position doesn't help to favour an uptrend or downtrend scenario.
Given the index is still in an uptrend from Oct 22nd, a breakout of the resistance above 4970 would pave the way for a new rise, to at least 5053.
Long holders would keep their positions, no short advised, wait for the breakout above 4970
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.