Hi guys,
Macro-view: I believe we are still in the downtrend channel since ATH. Bulls need to flip SMA200 and 9.5k resistance (and last higher-high) into support for trend reversal.
Bulls: Weekly close above SMA200, then expect to tab upper channel line on 9.5k. Uptrend next target for profit taking will be 10.5k and 11.5k.
Bears: Weekly close below 9.15k / SMA 200 then slow-bleeding to EMA21 and EMA55 crossing at 7.7k then to last support at 7.2k.
Keep it simple and trade in the range.
Cheers !
TC
Macro-view: I believe we are still in the downtrend channel since ATH. Bulls need to flip SMA200 and 9.5k resistance (and last higher-high) into support for trend reversal.
Bulls: Weekly close above SMA200, then expect to tab upper channel line on 9.5k. Uptrend next target for profit taking will be 10.5k and 11.5k.
Bears: Weekly close below 9.15k / SMA 200 then slow-bleeding to EMA21 and EMA55 crossing at 7.7k then to last support at 7.2k.
Keep it simple and trade in the range.
Cheers !
TC
Note
9.5k - 9.6k is potential shorting area, if we close over 9.1k -9.2k.
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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.