Despite a slump on the index this week, we see some reiteration of bullish bias (as labelled on the chart) along this positive trajectory of rising trend channel. Hence, the recent downside movement could be a pullback before further bullish movement. The index is seen moving towards support level at today's low, followed by 1490 and 1445. A breach below the rising channel however, may lay down the foundation for a new downtrend and this will cap off the bullish potential of the index.
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only