Monthly chart
The monthly RSI is well short of the overbought territory and also well short of the highs seen in 2007.
Thus, the index has plenty scope for a rally to 7354 (record highs) and beyond. Once 7354 is breached, the index could test the key psychological level of 7500.
The only cause of concern is the January’s bearish inverted hammer formation.
The monthly RSI is well short of the overbought territory and also well short of the highs seen in 2007.
Thus, the index has plenty scope for a rally to 7354 (record highs) and beyond. Once 7354 is breached, the index could test the key psychological level of 7500.
The only cause of concern is the January’s bearish inverted hammer formation.
