Current price: 39430
Key point: 39300
Our preferred direction: Buy positions above 39300 levels with 39815 as the first target and then 40000 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 39300 level, targeting the 38600 levels.
Technical commentary
The index rose from the support levels 38470-38600 and from the rising trend line from the bottom of the current month, and with the penetration of the 39295 levels and stability above the 200 moving average, the price is expected to reach the 39800 levels that are consistent with the preemptive harmonic BAT pattern.
However, if the index falls and closes below 39,225, it will head directly to 38,600-38,470.
