The index broke its uptrend, creating a new resistance (Aug 10th and Nov 6th), then pulled back to it (Nov 11th) before taking a downward orientation, closing on the support of 3360.
The next retracement suggest a 3297-3310 zone (38.2% retracement to mid tall candle of Oct 22nd).
The next support would take place at 3238 (50% Fibonacci) then 3180 (61.8% Fibonacci).
The RSI and momentum indicators are not clearly confirming a downtrend to come, but the MACD does.
There is a lot of mixed signals at the moment, not giving clear indications of what to expect.
Stay off the market if not holding any position. Long holders can take some profits with a view to potentially buy back lower at a later stage.
The next retracement suggest a 3297-3310 zone (38.2% retracement to mid tall candle of Oct 22nd).
The next support would take place at 3238 (50% Fibonacci) then 3180 (61.8% Fibonacci).
The RSI and momentum indicators are not clearly confirming a downtrend to come, but the MACD does.
There is a lot of mixed signals at the moment, not giving clear indications of what to expect.
Stay off the market if not holding any position. Long holders can take some profits with a view to potentially buy back lower at a later stage.