Current price: 48000
Key point: 47500
Our preferred strategy: Buy positions above 47,500 with a first target of 48,250 and then a second target of 48,600.
Alternative scenario: Stop loss and trend reversal upon breaking the 47300 level, targeting the 46800 level.
Technical commentary
The index managed to rise from the support level of 46400 and the 200-period moving average on the four-hour timeframe, breaking through the resistance levels of 47050-47130. Currently, the index is attempting to break through the 48035 level, which represents a record high. If this level is breached, the index will then target the 48400 level.
