The index went back up into the trend channel in the first hour, followed by successive buying sessions every hour throughout the day. The index might be poised to test the upper end of the trend channel next.
On gap up, the index would open above 22000. If it takes support at 22000 successfully, it will try and test the upper end of the trend channel at around 22500.
On gap down, 22000 might be tested. If the index is unable to sustain above 22000, it will move down towards 21500 and end the expiry between 21500 and 22000.
On gap up, the index would open above 22000. If it takes support at 22000 successfully, it will try and test the upper end of the trend channel at around 22500.
On gap down, 22000 might be tested. If the index is unable to sustain above 22000, it will move down towards 21500 and end the expiry between 21500 and 22000.
Trade closed: target reached:
The index reversed from around 22350 which is quite close to the resistance at 22400-22500 as predicted.