Current price: 47500
Key point: 47200
Our preferred strategy: Buy positions above 47200 with a first target of 48000 and then a second target of 48400
Alternative scenario: Stop loss and trend reversal upon breaking the 47050 level, targeting the 46800 level.
Technical commentary
The index is trending upwards above the 200 moving average on the four-hour timeframe and above the support level of 47195. If it breaks through the resistance level of 4730, the index will then head towards the 48000 level and then the 48400 level.
