Current price: 38638
Key point: 38730
Our preferred direction: Sell positions below 38730 levels with 38080 as a first target and then 37800 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 38915 level, targeting the 39275 levels.
Technical commentary
Yesterday, the index broke the lower limit of the ascending price channel that held up well with the break of the support level 38730.
Currently, the price is bouncing off the 200 moving average, so it is likely to retest the 38730 levels and then the 38915 levels, which are considered the lower limit of the broken ascending channel as a potential correction, before continuing its downward journey again to the 38080 levels.
