• The index is did exactly what we expected it would, since our previous analysis, last Friday (link below this post);
• It went up to hit the upper line of this Ascending Channel (in the 1h chart), but now, it seems we have a clear breakout;
• In the daily chart, it is trying to break our resistance at 3,911, and it broke the 21 EMA as well (which is starting to point up);
• All these signs point to a short/mid-term bullish reversal;
• So far, there’s no clear top sign, or any bearish structure around indicating a continuation of the bear trend;
• However, if the index loses the red line at 3,911 again, it might frustrate this attempt of a reversal, and it’ll resume the bear trend again;
• I’ll keep you updated on this every day, as usual, but for now, let’s pay attention to the 3,911.
Remember to follow me to keep in touch with my daily analyses!
• It went up to hit the upper line of this Ascending Channel (in the 1h chart), but now, it seems we have a clear breakout;
• In the daily chart, it is trying to break our resistance at 3,911, and it broke the 21 EMA as well (which is starting to point up);
• All these signs point to a short/mid-term bullish reversal;
• So far, there’s no clear top sign, or any bearish structure around indicating a continuation of the bear trend;
• However, if the index loses the red line at 3,911 again, it might frustrate this attempt of a reversal, and it’ll resume the bear trend again;
• I’ll keep you updated on this every day, as usual, but for now, let’s pay attention to the 3,911.
Remember to follow me to keep in touch with my daily analyses!
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