Description
⋅ Resistance – 6334, 6365, 6400
Support – 6289, 6244-6232, 6200
- Bearish break from rising trend line on hourly chart on Friday saw index trying to cut through 6311 (50% Fib of Apr 2015 high-Feb 2016 low).
- A break below 6289 (Friday’s low) could see prices test hourly 200-MA at 6244 - 6232 (sideways channel level on daily chart).
- Rebound needs to ensure a violation at 6344 (hourly 100-MA) as that may yield 6370 (rising trend line hurdle on hourly).
- On larger scheme of things, bull grip looks intact unless 200-DMA at 6200 is breached on daily closing basis.