Current price: 53060
Key point: 53235
Our preferred strategy: Sell positions below 53235 with a first target of 52900 and then a second target of 52500.
Alternative scenario: Stop loss and trend reversal upon breaking the 53400 level, targeting the 53700 level.
Technical commentary
The index broke the pivotal support level of 53235, and is expected to decline to the next support levels at 52850-52920, which is close to the 200-period moving average on the four-hour timeframe, before rebounding from there.
