Friday’s retreat from the high of 7057.8 levels to 7017 levels as seen on the 4-chart has put in place a falling trend line, which needs to be breached if the index intends to re-test record highs of 7129.8 (Oct 11 high).
On the lower side, breach of rising trend line (coming from Feb low and June low) would signal trend reversal and could yield test of 6800 levels. The odds of such a move are high given the repeated failure to breach resistance around 7055 levels despite the rebound from rising trend line earlier this month.
On the lower side, breach of rising trend line (coming from Feb low and June low) would signal trend reversal and could yield test of 6800 levels. The odds of such a move are high given the repeated failure to breach resistance around 7055 levels despite the rebound from rising trend line earlier this month.
