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
Comment:
9.5k - 9.6k is potential shorting area, if we close over 9.1k -9.2k.
