Macro Trend & Structure:
Peak & Correction: The index experienced a massive correction from its all-time highs near 46,000, carving out a steep downtrend that eventually bottomed around the 26,000 zone.
Descending Channel: For the past several months, the price action has been constrained within a broad falling channel or wedge, characterized by lower highs and lower lows.
Recent Price Action & Momentum:
V-Shaped Recovery: The index has formed a strong bullish base and recently printed a massive impulse expansion candle, surging from sub-28,000 levels.
Volume Expansion: The recent upward leg is supported by a solid volume spike (162.85M), indicating strong buying interest at the lower support boundaries.
Key Support & Resistance Levels:
Overhead Resistance: The index is currently trading at 31,547.70 and is directly testing a critical descending trendline/resistance zone plotted between 31,846.40 and 32,186.05. A decisive breakout above this could open the door to the next major horizontal resistance at 34,194.65.
Downside Support: If price faces rejection at the current trendline, immediate support is found at 30,530.90. Further down, structural support zones sit at 29,498.15, 28,772.75, and 28,047.35.
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Peak & Correction: The index experienced a massive correction from its all-time highs near 46,000, carving out a steep downtrend that eventually bottomed around the 26,000 zone.
Descending Channel: For the past several months, the price action has been constrained within a broad falling channel or wedge, characterized by lower highs and lower lows.
Recent Price Action & Momentum:
V-Shaped Recovery: The index has formed a strong bullish base and recently printed a massive impulse expansion candle, surging from sub-28,000 levels.
Volume Expansion: The recent upward leg is supported by a solid volume spike (162.85M), indicating strong buying interest at the lower support boundaries.
Key Support & Resistance Levels:
Overhead Resistance: The index is currently trading at 31,547.70 and is directly testing a critical descending trendline/resistance zone plotted between 31,846.40 and 32,186.05. A decisive breakout above this could open the door to the next major horizontal resistance at 34,194.65.
Downside Support: If price faces rejection at the current trendline, immediate support is found at 30,530.90. Further down, structural support zones sit at 29,498.15, 28,772.75, and 28,047.35.
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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.
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.