Resistance
2114.7 (Oct 13 low)
2124.4 (Oct 17 low)
2131.5 (current month high)
Support
2103-2100 (23.6% of Feb low – Aug high & monthly 10-MA)
2081 (200-DMA)
2047.2 (38.2% of Feb low – Aug high)
Comments – Despite the bearish closing yesterday below 2120 levels, the index is finding support at the confluence of monthly 10-MA and 23.6% Fibo around 2100 levels. Moreover, the monthly 10-MA is still sliding upwards, thus a rebound from the same followed by a break above 2131.5 (monthly high) would open doors for a revisit to 2150-2160 area.
2114.7 (Oct 13 low)
2124.4 (Oct 17 low)
2131.5 (current month high)
Support
2103-2100 (23.6% of Feb low – Aug high & monthly 10-MA)
2081 (200-DMA)
2047.2 (38.2% of Feb low – Aug high)
Comments – Despite the bearish closing yesterday below 2120 levels, the index is finding support at the confluence of monthly 10-MA and 23.6% Fibo around 2100 levels. Moreover, the monthly 10-MA is still sliding upwards, thus a rebound from the same followed by a break above 2131.5 (monthly high) would open doors for a revisit to 2150-2160 area.
