The short term downward trend off the prior downward trend line resistance is continuing with the index trading at a 1-month low. The current level is in line with the 50-61.8% Fibonacci retracement zone when measured from the 17 June low to 16 August high while also nearing the prior breakout level of 20 July. Note: The price remains below it's near term moving averages i.e. the 8, 21 and 50-EMA which could act as a resistance on any rebound while also trading below the longer term 200-day SMA.
7-day Regime = Very Weak, Approaching 'Near Oversold'
14-day Regime = Weak
7-day Regime = Very Weak, Approaching 'Near Oversold'
14-day Regime = Weak
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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.