Weekly chart
Last two candles were Doji. If the day end close today is below 2164, we would have a bearish price RSI divergence confirmation. The fact that it is preceded by two Doji candles adds credence to the possibility that the index may have topped out at least for the short-term.
Daily Chart
Despite rebound from 2114.7 (Oct 13 low) to a high of 2147 (at the time of writing), the index remains a sell on rise as long as we are operating below 50-DMA.
Moreover, 50-DMA has topped out, which suggests any upticks above 2160-2165 are likely to be met with fresh offers.
A failure at 5-DMA/10-DMA followed by a break below this week’s low of 2114.7 would signal a fresh sell-off to 2000.
Last two candles were Doji. If the day end close today is below 2164, we would have a bearish price RSI divergence confirmation. The fact that it is preceded by two Doji candles adds credence to the possibility that the index may have topped out at least for the short-term.
Daily Chart
Despite rebound from 2114.7 (Oct 13 low) to a high of 2147 (at the time of writing), the index remains a sell on rise as long as we are operating below 50-DMA.
Moreover, 50-DMA has topped out, which suggests any upticks above 2160-2165 are likely to be met with fresh offers.
A failure at 5-DMA/10-DMA followed by a break below this week’s low of 2114.7 would signal a fresh sell-off to 2000.
