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

Material in this article is obtained from sources we believe to be reliable, but its reliability or precision cannot be guaranteed. This is for the sole purpose of providing details and does not provide an offer from us to buy or sell securities mentioned in this document.


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