From a massive fall in February 2020 from 1340 to a low of 235 it has gradually moved up in the process making a Triangle Pattern and has been faithfully following the Support Trend line and has not troubled the Resistance Trend line much until now.It did make an unsuccessful attempt to break the resistance Trend line in Feb 2021 and immediately tested the Support Trend line.
This past week it has indeed broken the Upper Resistance Trend line but volumes are quite low with long upper wicks.There is another Very Long Term Resistance Trend line way back from 2018 around 1110-1120. This may act as a very strong resistance. So if it breaks above this range then we can go long.
So it would be prudent to wait till it breaks this Trend line for the following targets.
T1-1345
T2-1585
This past week it has indeed broken the Upper Resistance Trend line but volumes are quite low with long upper wicks.There is another Very Long Term Resistance Trend line way back from 2018 around 1110-1120. This may act as a very strong resistance. So if it breaks above this range then we can go long.
So it would be prudent to wait till it breaks this Trend line for the following targets.
T1-1345
T2-1585