- Major support – 5064 (50% retracement of 4699 and 5431)
- Major resistance – 5138 (200 day MA)
- The index has declined after making a high of 5160 .It is currently trading around 5074.
- Overall trend is slightly weak as long as the index not closing above 5140 (200 day MA). Any break above 5140 will take the pair till 5183/5210 (90 day EMA).
- On the lower side, support is around 5064 and any violation below that level will drag the index till 5025/5000/4970 in the short term.
- Overall bearish invalidation only above 5430.
It is good to sell on rallies around 5155-5160 with SL around 5213 for the TP of 5025/5000
The material has been provided by InstaForex Company – www.instaforex.com