Hello everyone, Recently, the index price continued to form weak sideways trades, and we noticed its fluctuation near 35330, affected by the stability of the barrier represented by the 35500 level, which in turn hinders the chances of resuming the main upward attack.
Also, the attempt to infiltrate the Stochastic indicator towards the oversold level confirms that the price is currently postponing the upward attack, and this increases the chances of it forming some bearish corrective waves, which in turn may target the first additional support stable at 35100. As for the price’s success in penetrating the barrier and holding above it, this will open the door to resuming the upward attack. Let us expect a formation. Level 35680 for the first additional target, reaching about 35840 in medium-term trading.
Resistance prices: 35500 & 35680 & 35840
Support prices: 35100 & 34870 & 34588
The expected general trend for today: is temporarily bearish
Also, the attempt to infiltrate the Stochastic indicator towards the oversold level confirms that the price is currently postponing the upward attack, and this increases the chances of it forming some bearish corrective waves, which in turn may target the first additional support stable at 35100. As for the price’s success in penetrating the barrier and holding above it, this will open the door to resuming the upward attack. Let us expect a formation. Level 35680 for the first additional target, reaching about 35840 in medium-term trading.
Resistance prices: 35500 & 35680 & 35840
Support prices: 35100 & 34870 & 34588
The expected general trend for today: is temporarily bearish
