Current price: 48200
Key point: 48000
Our preferred strategy: Buy positions above 48,000 with a first target of 48,500 and then a second target of 48,800.
Alternative scenario: Stop loss and trend reversal upon breaking the 47800 level, targeting the 47300 level.
Technical commentary
The index is moving in an upward direction, above the 200 moving average on the four-hour timeframe, above the upward trend line from the November low, and above the pivotal support levels of 47800-48000.
The index is expected to continue its upward trend towards the resistance levels of 48750-48885
