30 daily timeframe
price action is showing a recent pullback from the 7105.43 high. The price action lost the support at 20 Period SMA
and it is currently retesting the same level as a newly formed resistance. Indicators like MACD
are pulling back from Overbought levels and RSI
is still positioned at almost neutral. Any further downside will be supported at 6700 which is 50 period SMA
followed by 6499 level which is 200 Period SMA
and also 50 % Fib Retracement from June 2012 low to August high. Alternatively only a convincing break through the current high of 7105.43 and a Daily close above that level, could call for a Bullish
scenario possibility which is represented in blue.