- Pattern formed – Bullish Cypher
- Potential Reversal Zone (PRZ) – 9250
- The index has made a high of 9926 and declined till 9715 from that level. It is currently trading around 9763.
- Short term trend is still weak as long as resistance 9925. Break above 9925 confirms further bullishness, a jump till 10165/10400 is possible.
- On the downside major support is around 9720 (200 day MA) and break below targets 9605/9540/9420.
- Overall trend reversal only below 9250.
- Major resistance is around 9820 and break above targets 9900/9925.
It is good to sell on rallies around 9800 with SL around 9925 for the TP of 9605/9525.
The material has been provided by InstaForex Company – www.instaforex.com