Index bounced off lateral support following the hidden bullish RSI divergence identified yesterday, but has lacked any meaningful following through. Fundamentally I still think this index is overstretched and happy to put on a decent RR short trade here on the backtest of the broken upward channel. Yesterday we saw the first signs of a possible change in trend. 20 SMA flat lining, price below, and a break and backtest of upward channel. First target = next lateral support around 6205. SL = close above 20SMA around 6380.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.