The index got strong rejection from multiple supports firstly MA 200 retracement, Secondly Fib level 61.80% and Thirdly from ascending Trend Line. MA 200 acted as resistance but now playing as support. The price is thus expected to become bullish and form new HHs & HLs. The index broke the structure and formed HH thus indicating trend reversal into Bullish.
Trade entry Long is suggested after break-out from the Wedge towards upside at 34500 with SL at immediate LL 32700.
In case of bearish break-out trade entry Short is suggested below Fib level 61.80% at 32460 whereas SL at 33846 and TP at 31078.
P.S. This is an educational assessment and guess work and not trade recommendation.
Please Like, Subscribe and share for more Trend Analysis and Chart Assessments