Technical Analysis and Outlook:
In the recent shortened trading session, the Index recorded steady to lower prices, distancing itself from the Mean Resistance level of 5455, as indicated in the previous week's Daily Chart analysis. This trend establishes a foundation for continuing the downward trajectory, targeting the Mean Support level 5140. Should this downward momentum persist, further declines may extend to the next Mean Support level of 4970 and ultimately reach the completed Outer Index Dip at 4890.
Conversely, it is essential to acknowledge the possibility of upward momentum at the current price level, which may challenge the Mean Resistance of 5455 and extend toward the Outer Index Rally at 5550.
In the recent shortened trading session, the Index recorded steady to lower prices, distancing itself from the Mean Resistance level of 5455, as indicated in the previous week's Daily Chart analysis. This trend establishes a foundation for continuing the downward trajectory, targeting the Mean Support level 5140. Should this downward momentum persist, further declines may extend to the next Mean Support level of 4970 and ultimately reach the completed Outer Index Dip at 4890.
Conversely, it is essential to acknowledge the possibility of upward momentum at the current price level, which may challenge the Mean Resistance of 5455 and extend toward the Outer Index Rally at 5550.
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Related publications
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.