Bearish factors –
Bearish crossover between 5-DMA and 10-DMA
Bearish break in daily RSI from rising channel
Increased odds of Fed rate hike
Bullish factors –
Cable weakness &
The index is still above key support level of 6780
Inverted head and shoulder breakout target yet to be achieved
Thus, the overall trend remains bullish unless the index closes below 6780, in which case the corrective move could be extended to 6500 levels.
Bulls should watch out for a rebound from 6780 followed by a break above 10-DMA as it would indicate the rally to 7000 has resumed.
Bearish crossover between 5-DMA and 10-DMA
Bearish break in daily RSI from rising channel
Increased odds of Fed rate hike
Bullish factors –
Cable weakness &
The index is still above key support level of 6780
Inverted head and shoulder breakout target yet to be achieved
Thus, the overall trend remains bullish unless the index closes below 6780, in which case the corrective move could be extended to 6500 levels.
Bulls should watch out for a rebound from 6780 followed by a break above 10-DMA as it would indicate the rally to 7000 has resumed.
