The index formed a bearish candle on the daily charts with lower high, lower low formation for the second straight session, indicating nervousness among participants. It closed below 50-day exponential moving average (at around 18,100) and also broke the small support trend line adjoining January 13 and January 17, 2023.
On the weekly scale, the index has formed a long-legged Doji pattern for yet another week, with a higher high and higher low formation, indicating indecisiveness among buyers and sellers about the future market trend.
On the weekly scale, the index has formed a long-legged Doji pattern for yet another week, with a higher high and higher low formation, indicating indecisiveness among buyers and sellers about the future market trend.