

Red line - broken resistance trend line
Now that the H&S target has been met, we saw an upward push in the index yesterday that broke the short-term downward sloping red trend-line resistance. The index is back testing the recent lows but has the potential to stage a bigger bounce towards the resistance at 94.

The weekly chart does not look good. The price is below the kijun-sen and the next support is at 92.30 where the 38% retracement is found. A weekly close above 93.75 is likely to be a positive sign for bulls but only a break above 95.30 will confirm the trend reversal. If the week closes below the kijun-sen (yellow line), there will be increased risk for a drop lower towards 92.30.
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