The resistance offered by the falling trend line drawn from Sept 2000 high and June 2007 high was breached last month.
This month's candle shows a sharp rebound from the sub-trend line support level followed by a rise to 5295.5 (highest level since Jan 2008 high).
The chart also shows a nice rebound from the rising trend line in mid 2016.
Overall, the technical picture says the rally may have just begun... the monthly RSI is rising and is yet to overbought territory.
This month's candle shows a sharp rebound from the sub-trend line support level followed by a rise to 5295.5 (highest level since Jan 2008 high).
The chart also shows a nice rebound from the rising trend line in mid 2016.
Overall, the technical picture says the rally may have just begun... the monthly RSI is rising and is yet to overbought territory.
