After the index’s impressive rebound on Monday, we had not expected it to give back all of the 8.29 pts gained that day. In fact, the index gapped down at the opening, which was a surprise.
Hence, the market remains stuck within the potential downtrend channel that we have drawn. This means there is still a possibility that the index may be creating a downtrend channel, especially since it has already created a lower high and lower low.
While watching if the index is in the midst of creating of a downtrend channel, we are sticking to our Neutral view. Do not forget that the index is now trading at below the uptrend line.
From the current level, there is still immediate support at the 1,505 pt-level, followed by the 1,500 ptpsychological level. To the upside, there is initial resistance at the 1,524-1,536-pt area.
Hence, the market remains stuck within the potential downtrend channel that we have drawn. This means there is still a possibility that the index may be creating a downtrend channel, especially since it has already created a lower high and lower low.
While watching if the index is in the midst of creating of a downtrend channel, we are sticking to our Neutral view. Do not forget that the index is now trading at below the uptrend line.
From the current level, there is still immediate support at the 1,505 pt-level, followed by the 1,500 ptpsychological level. To the upside, there is initial resistance at the 1,524-1,536-pt area.
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