The index is currently trading in a bullish trend on the broader outlook, while moving within a corrective downward channel on the hourly timeframe.
🔺 Bullish Scenario:
If the bullish momentum continues and the price holds above the 44,970 level, it may target 45,000 followed by 45,200.
🔻 Bearish Scenario:
If the price breaks below the nearby support at 44,870 and stabilizes under it, this may push the index toward testing 44,770, and continued selling pressure could extend the decline toward 44,500.
🔺 Bullish Scenario:
If the bullish momentum continues and the price holds above the 44,970 level, it may target 45,000 followed by 45,200.
🔻 Bearish Scenario:
If the price breaks below the nearby support at 44,870 and stabilizes under it, this may push the index toward testing 44,770, and continued selling pressure could extend the decline toward 44,500.
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.