This became a cross resistance now and I expect a further drop of the index. But always remember: Be back in September. :-)
The downtrend has retraced and is no back in its original direction.
The breakthrough indicates a further rise to test the monthly resistance.
The price reached a new weekly high and the indicators support a continuing trend.
We are in a consistent downtrend. Now we have retraced 38 % of yesterday's rise which is a good chance to jump on.
As the weekly resistance could not be overcome and the last day of past week ended lower, we can assume that we will see a fullscale retracement of the previous upmove. The more that the xpected high has been met exactly.
At this short term support it is worth to bet on an attempt to continue the uptrend.
The price is ripe for a downward correction and as we are stopping at this resistance line there is a good chance that this may start now.
As there is a support in the 4-h-chart I am turning the positition into long (see below).
The stock exchange is declining. A good chance to buy? Yes, but look for stocks which may have found its bottom already.
We've been trading in arange since the beginning of the month. This range has been broken on Tuesday to the downside. Since then the rate's been fluctuating. But the break shall not be without consequences as we could not close even above the tops since past Friday. This shall confirm the new downward bias.
There is a new chance for higher rates as we have retraced 50 % of the former rise now.
...than gold. And as we are facing a resistance and having retraced 50 % I am looking for a further decline now.
It looks like if the 38 % retracement shall be filled before the index may rise again.
We reached a support zone. This zone has been tested in the past and sometimes temporarily broken. I expect it to happen this time again, i.e. the index shall flucuate around it for a while and the decide whether it will break through or retrace up. There is a cross resistance at around 12300-12350 which I see as a target that shall not be broken to confirm the uptrend.
We reached the former top of the previous trading range wich is at once the 50 % retracement of the rise since February. This has been reached the second time now. In my opinion a new trading range is building. This means that we shall rise now to test the new top of this range.
The price fell below its rising support since Jan. 27th , while the rising support since 27th December, 2015 has been broken past week already. This shall result in a further drop of the price for a while.