Following the breakout of the channel at the beginning of December, the upward impulsion seems now to be over and a consolidation period has started since the end of 2016. An important divergence exists between the recent uptrend of the price and 3 indicators (MACD, Momentum and RSI). The most valuable one being the RSI being clearly now in a downward configuration with a break of a support and creation of new lows. This is very much a short term signal, as this divergence is not visible on the weekly data. - Short term holders would keep their positions unless price goes below the current support at 11,484 - Mid to long term holders have no reason at this stage to cut their position - In case of a break below the 11,484, the index could retrace down to around 10,897 (61.8% of the current impulsion) - A break above 11,695 would create a new high and be a buy signal, cancelling out the divergence observed