![]() ![]() On the flipside, immediate resistance is downgraded to 1,771, then 1,782, followed by the recent peak of 1,796, and ultimately the 1,800 psychological level. Stronger support is seen at 1,729, a prior support level in April. Given the decisive break below the 50-day moving average level at 1,771 and lower Bollinger band at 1,762 in intra-day trade last Friday, more downside to next support from the 100-day moving average at 1,747 will be at risk for the index. On the other hand, while a low-volume technical rebound can still happen, expect it to be brief and unsustainable.
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