The index is flirting with the rising trend line support of 6938 levels.
A day end close today below 6938 would be a final blow to bulls, thus opening doors for a much deeper retracement to 6700 levels next week. Moreover, the indicators – RSI and MACD on 4-hr chart are still yet to hit oversold territory and signal loss of momentum.
Only a daily close above 6938 would leave the doors open for a possible rise back to 7000 levels.
A day end close today below 6938 would be a final blow to bulls, thus opening doors for a much deeper retracement to 6700 levels next week. Moreover, the indicators – RSI and MACD on 4-hr chart are still yet to hit oversold territory and signal loss of momentum.
Only a daily close above 6938 would leave the doors open for a possible rise back to 7000 levels.
