Current price: 39397
Key point: 39225
Our preferred direction: Buy positions above 39225 with 29815 as the first target and then 40000 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 39225 level, targeting the 38800 levels.
Technical commentary
The index rose from the support levels 38470-38600 and with another breach of the 39295 levels, the price is expected to reach the 39800 levels where the expected harmonic pattern is.
In case of breaking and closing below the 39,000 levels, the index will head towards the 38,600 levels.
