The weekly chart reveals strong trendlines for price to battle against.
The past 3 weeks are ranging inside of a long green candle. Bottom line: We expect continuation only if and when price breaks above the range as shown (purple boxed area) and a drop that could reach as low as 8300 to the long-tern support line if price breaks down below the current range (as per the purple box).
The break above in the next week or two would also see price break the current resistance trend line and price could quickly rally up to the 11,400 level!
Smaller time-frame analysis reveals the devil in the details.
For longer-term swing traders, we are NEUTRAL until a break above or below the range as shown.
The past 3 weeks are ranging inside of a long green candle. Bottom line: We expect continuation only if and when price breaks above the range as shown (purple boxed area) and a drop that could reach as low as 8300 to the long-tern support line if price breaks down below the current range (as per the purple box).
The break above in the next week or two would also see price break the current resistance trend line and price could quickly rally up to the 11,400 level!
Smaller time-frame analysis reveals the devil in the details.
For longer-term swing traders, we are NEUTRAL until a break above or below the range as shown.
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www.tradingview.com/chart/oyjOIyJR/
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