Resistance – 6181 (200-SMA), 6231
Support – 6080 (50-SMA) – 6072, 6036
- Breach of earlier this week followed by a drop below 200-SMA yesterday and daily indicates prices could be heading lower to strong support at 6080 (50-SMA) – 6072 (38.2% of Feb low-Apr high).
- Uptick witnessed today could be short lived given the wobbly oil prices and daily that is pointing to further losses.
- The crossover or ‘golden cross over’ between 50-SMA and 200-SMA is a good news on paper unless prices move back above 6237 (Mar 18 high).