The descending trend line drawn from Oct 11 high and Nov 10 high currently stands at 6900. It needs to be breached if the bulls intend to push the index back to record highs above 7K levels.
However, Wednesday’s candle with long upper shadow suggests adds credence to the falling tops formation and opens doors for a drop to 6700 levels.
On the downside, only a daily close below 6700 (head and shoulder breakout) would suggest the index has topped out for medium-term.
However, Wednesday’s candle with long upper shadow suggests adds credence to the falling tops formation and opens doors for a drop to 6700 levels.
On the downside, only a daily close below 6700 (head and shoulder breakout) would suggest the index has topped out for medium-term.
