Technical Analysis and Outlook:
The Index exhibited considerable volatility during the trading session this week, ultimately finding support at the Mean Support level of 6,897. Following this decline, the Index demonstrated a robust rebound and has stabilized just below the Key Resistance level of 6,977.
It is anticipated that the Index will maintain an upward trajectory towards the outstanding target of the Outer Index Rally at 7,026, and contrive the route through the newly established Key Resistance level at 7,000.
Nonetheless, it is crucial to recognize that, given the current market conditions, there is a significant probability of a retracement that may revisit the Mean Support at 6,897 before the Index regains bullish momentum and progresses towards the foretold outcome of the Outer Index Rally at 7,026 in the previous Daily Chart Analysis. At this juncture, a renewed In Force retracement is expected to be initiated from that level.
The Index exhibited considerable volatility during the trading session this week, ultimately finding support at the Mean Support level of 6,897. Following this decline, the Index demonstrated a robust rebound and has stabilized just below the Key Resistance level of 6,977.
It is anticipated that the Index will maintain an upward trajectory towards the outstanding target of the Outer Index Rally at 7,026, and contrive the route through the newly established Key Resistance level at 7,000.
Nonetheless, it is crucial to recognize that, given the current market conditions, there is a significant probability of a retracement that may revisit the Mean Support at 6,897 before the Index regains bullish momentum and progresses towards the foretold outcome of the Outer Index Rally at 7,026 in the previous Daily Chart Analysis. At this juncture, a renewed In Force retracement is expected to be initiated from that level.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.