Daily Chart – Stuck between 200-SMA & 100-SMA
Resistance – 6181 (200-SMA), 6231
Support – 6080 (50-SMA) – 6072, 6036
Resistance – 6181 (200-SMA), 6231
Support – 6080 (50-SMA) – 6072, 6036
- Breach of rising channel earlier this week followed by a drop below 200-SMA yesterday and bearish daily RSI 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 bearish daily RSI that is pointing to further losses.
- The bullish 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).
