The index lacks some strength to reach the gap identified around 5052, instead briefly trading above the 5000 mark but always closing below. Followed a retracement to the first support, quickly passed through and now approaching the support at 4715. This mark was a resistance during Sep-Oct and also a 38.2% retracement. (Note: for those who would put the low point of the Fibonacci retracement, the mark would be 4735pts).
This is an interesting point to gauge if the index will be able to consolidate and reverse to follow the previous uptrend. The indicators such as RSI and momentum (not pictured) tend not to confirm any bullish or bearish scenario while the MACD has a clear Sell signal from Nov 10th.
Should the index not stay above the 4715 support, the next supports are 4622 and 4415, as defined by Fibonacci retracement.
Stay off the market if not holding any position. Long holders can take some profits with a view to potentially buy back lower at a later stage.
This is an interesting point to gauge if the index will be able to consolidate and reverse to follow the previous uptrend. The indicators such as RSI and momentum (not pictured) tend not to confirm any bullish or bearish scenario while the MACD has a clear Sell signal from Nov 10th.
Should the index not stay above the 4715 support, the next supports are 4622 and 4415, as defined by Fibonacci retracement.
Stay off the market if not holding any position. Long holders can take some profits with a view to potentially buy back lower at a later stage.