Long term trend: Up
Medium term trend: Up
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support)
The pennant that formed was a failure. The price went down and broke the previous support level, which is now the resistance. Currently, as of writing, the price is rejecting the resistance. For this index, we still want to trade this on the Long side. Therefore, it is better for the price to continue to go down before we place our Buy trade. Preferably, we want to see a bullish price action near the support area.
Trade well.
Medium term trend: Up
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support)
The pennant that formed was a failure. The price went down and broke the previous support level, which is now the resistance. Currently, as of writing, the price is rejecting the resistance. For this index, we still want to trade this on the Long side. Therefore, it is better for the price to continue to go down before we place our Buy trade. Preferably, we want to see a bullish price action near the support area.
Trade well.