Over weekly basis, the index continues to trade within the ascending channel carrying trading from the bottom recorded at 3584.00.
This ascending channel started as a correctional channel for the entire upside wave from the top at 8180.5 to the aforesaid trough, where the index breached the main correction levels ending with the 76.4% correction.
On the other hand, the red line above represents the neckline for a bullish pattern, completed with consecutive weekly closings above this level.
Therefore, we expect further upside movement over short and medium term basis towards 8020.00 then 8180.50, the top recorded in January 2008.
The SMA 50 is further bullish support to the aforesaid, though momentum indicators are negative which might restrict the upside move and force sideways movement to unload the negativity.
Breaching areas of 7081.00 might delay the upside targets while stability above 6655.00 keeps the medium term bullishness valid.
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