Index daily timeframe
chart is showing a clearly defined uptrend and a rising channel
. The initial reaction to the numbers on Friday was bullish
but the price action
settled close to the open levels and created a Doji
Candle. Price is currently supported at the 20 Period SMA
level, only a significant loss of that support could potentially target 1425 level which is the blue dotted line and an important support level
. Alternatively, only a daily close above the current resistance and the recent high of 1474.51 could call for higher prices to come.
( 60 Min ) Hourly timeframe support is clearly located at 1458.82 followed by 1447-1449.90 and 1439.54 ( 200 period SMA
). Alternatively resistance on the upside is located at the previous high level of 1474.51. Overlays and Indicators are either at or close to the overbought level.
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