Hello everyone, The index price failed to register any new positive target due to its lack of positive momentum and continued fluctuation below the additional barrier represented by the level of 16180.00. We notice the formation of a corrective bearish creep by reaching towards 15950.00.
We will now rely on the continuation of the formation of the 15800.00 level for additional support, which will increase the chances of the price gathering the positive momentum required to renew the upward attempts by targeting the 16080.00 level, reaching towards 16285.00. As for sneaking in without the additional support, it will increase the effectiveness of the downward corrective path, so we expect it to incur additional losses that may extend initially towards 15645.00.
Pivot Price: 15950
Resistance prices: 16080 & 16180 & 16285
Support prices: 15800 & 15645 & 15551
The general trend expected for today: bullish with stable support
We will now rely on the continuation of the formation of the 15800.00 level for additional support, which will increase the chances of the price gathering the positive momentum required to renew the upward attempts by targeting the 16080.00 level, reaching towards 16285.00. As for sneaking in without the additional support, it will increase the effectiveness of the downward corrective path, so we expect it to incur additional losses that may extend initially towards 15645.00.
Pivot Price: 15950
Resistance prices: 16080 & 16180 & 16285
Support prices: 15800 & 15645 & 15551
The general trend expected for today: bullish with stable support
