The daily MACD has just crossed down, and the PCOMP fell below its 10-day MA on Friday, indicating that the upward momentum is fading. The daily RSI is likewise moving away from an overbought condition.
The PCOMP has touched a high of 7,001 which is a sign of resistance. Further up, there are resistance levels of 7,159 and 7,238.
The chart’s supports are at 6,758, 6,736, 6,631, and 6,576. The 200-day MA at 6,591 will most likely act as a support as well. The Fibonacci retracement levels of the rally from 6,080 to 7,001 are at 6,649 (38.20 percent) and 6,541. (50 percent ).
Strategy: Sell on Rally
Resistance (1): 7,001
Resistance (2): 7,159
Support (1): 6,758
Support (2): 6,736
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