In the daily charts, the short term directional indicators
seem to be having the smallest of a kink forming in the oversold zone.
Temporary
reprieve may be likely whilst it recovers in the interim, for a day or two.
After
that, collusion with the other indicators is crucial if it should continue
lower or recover further.
The medium term trending indicators are still
downward bearing and may only have sufficient length to last a week or so
before it starts looking overdone.
The long term directional indicators
although it is nicely formed with nothing to suggest weariness of the trend,
the only worry it is short-lived due to either news or geopolitical tensions.
The momentum/volatility indicators are agnostic of what’s happening right now and
remains not in the littlest bit likely to pump up the volumes anytime soon with
the slight tinge of softness reversing a little.
Interim supports are at 1211, 1200 & 1190 with minor
supports at 1218.40, 121.60 & 1208.80.
Interim resistances are at 1232, 1240.50 & 1249.50 with
minor resistances at 1238, 1242 & 1252.
The daily/weekly trend changer points are at 1282/1303.60.
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