Long term trend: Up
Medium term trend: Sideways
Significant levels: 5490 (Horizontal Resistance), 5370 (Horizontal Support)
We can see in the chart that the price has been moving sideways. There is no clear direction where the market wants to go. As of writing, the price is rejecting the resistance area, which also indicates that the "sideways" trend is still intact. For the long run, we are looking for the price to break above the resistance and continue to go up. Even though the trend is sideways right now, we don't want to place a Short trade near the resistance. That is because of the reason mentioned above (we are bullish for the long term). Therefore, we will trade this index by placing Long trades near the support area, of course, with the confirmation of a bullish price action.
For now, as the price is near the resistance, there is no trade for us here. Be patient and wait for a retracement back to the support area before placing a Long trade. Trade well.
Medium term trend: Sideways
Significant levels: 5490 (Horizontal Resistance), 5370 (Horizontal Support)
We can see in the chart that the price has been moving sideways. There is no clear direction where the market wants to go. As of writing, the price is rejecting the resistance area, which also indicates that the "sideways" trend is still intact. For the long run, we are looking for the price to break above the resistance and continue to go up. Even though the trend is sideways right now, we don't want to place a Short trade near the resistance. That is because of the reason mentioned above (we are bullish for the long term). Therefore, we will trade this index by placing Long trades near the support area, of course, with the confirmation of a bullish price action.
For now, as the price is near the resistance, there is no trade for us here. Be patient and wait for a retracement back to the support area before placing a Long trade. Trade well.