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- The market is trading above a bullish trendline since mid-April ; The mid-term trend is then bullish.
- However, since the establishment of a new all time high above the psychologic level of 20,000pts, bear traders have taken control of the market.
The RSI indicator has already given a bearish signal by breaking out its own bullish trendline, while both short-term moving averages are reversing to the downside.
- This is a bearish configuration. The bullish trend remains alive, but the sellers are clearly in control on the short-term.
This can be explained by the fact investors are seizing the opportunity brough by the current rising political and monetary uncertainties, to rebalance their portfolios and take some profits out ahead of the summer season.
The next support levels can be found around 18,895pts, 18,525pts, 18,160pts and even below by extension.
- However, since the establishment of a new all time high above the psychologic level of 20,000pts, bear traders have taken control of the market.
The RSI indicator has already given a bearish signal by breaking out its own bullish trendline, while both short-term moving averages are reversing to the downside.
- This is a bearish configuration. The bullish trend remains alive, but the sellers are clearly in control on the short-term.
This can be explained by the fact investors are seizing the opportunity brough by the current rising political and monetary uncertainties, to rebalance their portfolios and take some profits out ahead of the summer season.
The next support levels can be found around 18,895pts, 18,525pts, 18,160pts and even below by extension.
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