The index has continued to trend lower, with a 4-day decline following the rejection at the aforementioned downward trending overhead resistance. On Thursday, the 8/21-EMA was breached with a large bearish
igniting candle. Considering Friday's US close, the 50224 level is vulnerable to being breached which opens up 49686 as a target. If we do see a rebound at the open, combined with an intraday rebound then the 8-EMA could act as a resistance level
This chart forms part of a larger research report and should not be viewed as a recommendation to buy/sell.