The recent market dynamics have witnessed a shift in momentum, with a notable surge in strength last week, propelling prices to reach 44,696. Subsequently, a new short-term trend has emerged, indicated by the green chart. Despite multiple attempts, the market has been unable to breach its resistance, suggesting a prevailing bearish sentiment.
According to the green chart pattern, the market is currently on a downward trajectory, heading towards 41,600 and further down to 40,500 at Target 01. This trend is expected to persist, with the subsequent target, Target 02, lying in the range of 39,000 to 38,500.
On the Flipside, there is a potential development of a new pattern, highlighted in grey. If this grey pattern manages to break the resistance of the existing green pattern, a reversal could occur, leading to an upward movement after retracement from the buying zone. It is essential to closely monitor the market for any signs of a breakout or a shift in the established patterns.
According to the green chart pattern, the market is currently on a downward trajectory, heading towards 41,600 and further down to 40,500 at Target 01. This trend is expected to persist, with the subsequent target, Target 02, lying in the range of 39,000 to 38,500.
On the Flipside, there is a potential development of a new pattern, highlighted in grey. If this grey pattern manages to break the resistance of the existing green pattern, a reversal could occur, leading to an upward movement after retracement from the buying zone. It is essential to closely monitor the market for any signs of a breakout or a shift in the established patterns.