The recovery from the low of 2329 ( Apr
13 low) indicates the 'slow' sell-off from the high of 1.2401 has run out of steam, nevertheless, the repeated failure to retake the rising trend line
seen earlier this wee has kept the bulls on the sidelines.
currently, the index is in a no man's land.
We would reestablish our bearish
view if the index breaks below 2300.
On the higher side, we would want to see a clear break below the falling trend line
(dotted) before turning bullish