Current price: 46200
Key point: 45900
Our preferred strategy: Buy positions above 45900 with a first target of 46900 and then a second target of 47500.
Alternative scenario: Stop loss and trend reversal upon breaking the 45750 level, targeting the 45200 level.
Technical commentary
The index fell sharply from its historic high of 48,400 last week, breaking below 48,000 and then the 200-period moving average on the four-hour timeframe.
The price reached support levels of 45900 with the upward trend line from the low of last September, and if it breaks through the resistance levels of 46470, the price will then head towards the levels of 46900 and then the levels of 47500.
