Date of analysis 21 December 17
Opinion Short Term Positive
Resistance 1 13717.01PTS
Support 1 12896.84PTS
Opinion Mid Term Bearish
Support 2 12714.58PTS
Resistance 2 13899.27PTS
Above 12896.84 PTS the major trend remains bullish. 13717.01 PTS and 13899.27 PTS are in the line of sight. The breaking of 12896.84 PTS would cancel this anticipation and favor a correction toward 12714.58 PTS.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the index. Moreover, the relative strength indicator, the RSI, is not contradicting this hypothesis. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are less than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The index is oriented to the downside. It is under its 50-day moving average located at 13107.86. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 12896.84 PTS and the next is at 12714.58 PTS; the resistances, located at 13717.01 PTS and at 13899.27 PTS must be exceeded for the trend to undergo a reversal.