Current price: 49500
Key point: 49100
Our preferred strategy: Buy positions above 49100 with a first target of 50200 and then a second target of 50500.
Alternative scenario: Stop loss and trend reversal upon breaking the 49000 level, targeting the 48800 level.
Technical commentary
The index is moving above an upward trend line from the low of last November, above the 200 moving average on the four-hour timeframe, and above the support level of 49100.
If the resistance levels of 49645-49785 are broken and held above them, the index will then head towards the 50200 levels and then the 50500 levels.
