Despite rebound from Monday’s low of 2124.4 the subsequent failure at the rising trend line on Tuesday suggests short-term bearish view remains intact and a move today below 2138 (weekly pivot) could yield a break below 2134 (5-DMA) and a revisit to strong support zone of 2120-2110.
On a slightly larger of scheme of things, a day end close below 2110 would open doors for a much deeper correction to 2000 levels.
On the higher side, only a daily close back above rising trend line would cheer up the bulls.
On a slightly larger of scheme of things, a day end close below 2110 would open doors for a much deeper correction to 2000 levels.
On the higher side, only a daily close back above rising trend line would cheer up the bulls.
