Last months were a fight to break support at 2260 pts. So far bulls are winning. As long as the price won’t come back below 2260 pts, the next targets for bulls are 2540/2635 pts.
Weekly chart confirms demand reaction in 2260 area but it informs also about support area in 2370 pts area. Conclusions:
- Condition to continuation of trend will be breaking out of middle term consilidation and continuation in direction of 2540 pts.
- Until that index is in 2260-2370 pts consolidation
Daily chart confirms our conclusions. We can see symptoms of uptrend weakening starting from 1725 pts. However, until breaking 2250 support our main theory is attack on upper band of consolidation – 2370 pts.
