daily time frame price action confirmed newly found support at 200 day SMA
. Friday trading witnessed an explosive break through the falling resistance trend line
. If the current bullish
sentiment prevails the next resistance on the upside is located at 1720-1725 level followed by 1792-1800. Alternatively the first support on the downside is located at 1646 which is also 200 Day SMA
. This support level
needs to stay intact for a bullish
scenario to continue. The current Red Flags are the Indicators like MACD
which are at over- bought levels, but they can stay extended for a long time.