The index is trading on a 4H Channel Up (RSI = 69.786, MACD = 72.000, Highs/Lows = 56.2642) that has crossed into the overbought zone (STOCH = 95.784, STOCHRSI = 79.387, Williams = -3.343). Since the price is too close to the 11,570 1W Resistance, we will take this opportunity to go short and target the first Support on 1D = 11,300. This is where the 1D Channel Up will meet its median, which if broken, it can seek a Higher Low at 11,100. We will update if we decide to follow it that low.
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.