As expected, the index made a few failed attempts to breach its 50% retracement level @ 24364. It should be ready to go down to its 1 week’s avg. @ around 23500.
LONG, if the index sustains above 24400 for targets of 24500-24700-25230. If the index manages to sustain above 24400, one can positionally go long in the near term for its up-move to 61.8% retracement @ 26311.
SHORT, if the index slips below 24200 for targets of 24000-23800-23700. A breach of 23400 will be bad news for the bulls.
LONG, if the index sustains above 24400 for targets of 24500-24700-25230. If the index manages to sustain above 24400, one can positionally go long in the near term for its up-move to 61.8% retracement @ 26311.
SHORT, if the index slips below 24200 for targets of 24000-23800-23700. A breach of 23400 will be bad news for the bulls.
Trade closed: stop reached
Short view negated with gap up and continued up-move. Short only below 24350.
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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.