Daily chart shows –
Nice rebound from rising trend line support yesterday
Prices currently flirting with falling trend line hurdle drawn from Aug 15 high and Sep 2 high
Prices have rebounded from 50-DMA today
Outlook
A rebound from rising trend line support if followed by a daily close above the descending trend line would open doors for 7K levels.
However, caution is advised since the previous bullish break failed. Moreover, that makes 6939.3 (Sep 22 high) and 6930.7 (Sep 2 high) a strong hurdle.
On the lower side, only a breach of rising trend line on daily closing basis would open doors for a much deeper retracement to 6600 levels.
Nice rebound from rising trend line support yesterday
Prices currently flirting with falling trend line hurdle drawn from Aug 15 high and Sep 2 high
Prices have rebounded from 50-DMA today
Outlook
A rebound from rising trend line support if followed by a daily close above the descending trend line would open doors for 7K levels.
However, caution is advised since the previous bullish break failed. Moreover, that makes 6939.3 (Sep 22 high) and 6930.7 (Sep 2 high) a strong hurdle.
On the lower side, only a breach of rising trend line on daily closing basis would open doors for a much deeper retracement to 6600 levels.
