- index recovered sharply from recent lows
- gain was 2%
- many people would look at this as double bottom buy
- support 2720
- now expecting strong resistance around 2820
- if the index cannot sustain above 2820, then new lows possible
- this will also create H&S pattern IF neckline breaks (2720)
Other factors:
- index lost 6.6% last month
- current bounce is from RSI 30 levels
- gain was 2%
- many people would look at this as double bottom buy
- support 2720
- now expecting strong resistance around 2820
- if the index cannot sustain above 2820, then new lows possible
- this will also create H&S pattern IF neckline breaks (2720)
Other factors:
- index lost 6.6% last month
- current bounce is from RSI 30 levels
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