Current price: 48600
Key point: 48300
Our preferred strategy: Buy positions above 48300 with a first target of 49300 and then a second target of 49600.
Alternative scenario: Stop loss and trend reversal upon breaking the 48150 level, targeting the 48000 level.
Technical commentary
The index is moving above an upward trend line from last month's low, above the 200-period moving average on the four-hour timeframe, and above the support level of 48285.
If the price breaks through the pivotal resistance level of 48865 and closes with a four-hour candle, the index will then head towards the 49615 level and subsequently form a new record high.
