Midday Update for 25-01-2018
The uptrend is showing a downside trend now after testing the resistance line shown in the chart above, reinforcing expectations for a continuation of the bearish trend over the coming sessions, supported by negative pressure formed by SMA 50, along with the overbought appearing on Stochastic.
Therefore, we will maintain our bearish outlook for the day provided stability remains below 11685.00, noting that our next main target is 8643.00.
The trading range for today is expected among the support at 10000.00 and resistance at 12500.00
The general trend for today is bearish
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