Exact same chart and train of though as the analysis one posted a couple of days ago.
We hope you followed our forecast. Albeit being bullish at the time we advised we were not tunnel visioned and would undoubtedly turn (short term )bearish if the market were to breakout of the channel and below the 15000s level.
Not only did it pullback to the identified support levels, as it also "hit and ran" from the Mov Avg on the daily time frame which stands as a bullish sign and made for a great entry point.
As of where the market stands at present time:
The current level (15700) is a resistance point. A consolidation at this point would be great to bring the Mov Avg up and Cool Off the RSI. Afterwards, the immediate target is the band at 17300. The immense volatility due to low volume hints that the market will race past that band, re-enter the channel and then pullback to the exact same band and bottom of channel to once again cool off the RSI values which will be Overbought by then (80+). Afterwards, we believe the market will resume climbing and surpass All time highs en route to the top of the channel.
We hope you followed our forecast. Albeit being bullish at the time we advised we were not tunnel visioned and would undoubtedly turn (short term )bearish if the market were to breakout of the channel and below the 15000s level.
Not only did it pullback to the identified support levels, as it also "hit and ran" from the Mov Avg on the daily time frame which stands as a bullish sign and made for a great entry point.
As of where the market stands at present time:
The current level (15700) is a resistance point. A consolidation at this point would be great to bring the Mov Avg up and Cool Off the RSI. Afterwards, the immediate target is the band at 17300. The immense volatility due to low volume hints that the market will race past that band, re-enter the channel and then pullback to the exact same band and bottom of channel to once again cool off the RSI values which will be Overbought by then (80+). Afterwards, we believe the market will resume climbing and surpass All time highs en route to the top of the channel.