Although the long-term charts indicate a prevailing bullish momentum, it is essential to note that the short-term charts are currently reflecting weakness in the market sentiment. This divergence between the long-term and short-term outlooks suggests a potential period of uncertainty and volatility in the near future.
Should the market experience a pullback to the key support level at 2672, there is a likelihood of further bearish movement in the coming days. Investors and traders should closely monitor this level as a breach below it could potentially open the door for a more pronounced downward trend, with a possible downside target at 2618.
On the other hand, a decisive break above the resistance level at 2685 would signal a continuation of the bullish behaviour seen in the long-term charts. This breakout could reignite investor confidence and pave the way for a renewed upward momentum in the market.
In conclusion, while the long-term outlook remains positive, the short-term challenges and potential downside risks highlighted by the current market conditions emphasize the importance of staying vigilant and adaptable to navigate through the fluctuations and capitalize on opportunities that may arise.
Chris
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