Updating our technical outlook published on January, 24, we can see that the index succeeded in breaching the neckline areas of our caught double bottom pattern at 6440; thus, the bullish effect of this pattern will be resumed.

The aforesaid breakout was followed by series of daily closings above 23.6% Fibonacci level -previous resistance formed after the breakout- henceforth, trading within the short term upside channel continued.

The resistance of this channel resides at 7155 and it represents the main technical objective of the current bullish wave. We believe that the index will meet solid resistance around this level since momentum indicators have started to enter overbought areas and some kind of downside correction might be witnessed towards 23.6% Fibonacci level before resuming the upside rally with targets at 8100.00 and 8150.00.

Of note, breaching through 6080.00 is an indication that the short term direction will be bearish.