Long term trend: Up Medium term trend: Up Significant levels: 5560 (Horizontal Resistance), 5370 (Horizontal Support), Uptrend Support
Price, in the medium term, is still making higher lows which indicates that uptrend is still intact. However, just recently, the price breaks out below the Uptrend line which is a sign of Bearishness. Not only the trend line was broken but also a Significant Area which is the Horizontal Resistance now. Currently, the Daily price is below the Horizontal Support, which is again an indication of this index being taken over by Bears. It would be interesting if the today's bar closed below the Horizontal Support because the trend is up but it's forming Bearish signals.
There's nothing to trade here as of now but if the Horizontal Support holds, and the price consolidates (above the Support), we could consider going Long. But if the price continues to go down, we are only placing a Short trade if a retracement happened back to this Support area.
Again, as of now, there's nothing here. Trade well.