Monday.s impressive performance confirmed the end of the correction of the rally that started on Boxing Day. Looking at the daily, it seems like SMA200 was the target for the correction, and the starting point for next wave of buying.
On the hourly, SMA100 acted as support yesterday, and was the natural take-off level for resumed buying today. My target is the upper 50 period Bollinger band, around 25800 in cash index value.
On the hourly, SMA100 acted as support yesterday, and was the natural take-off level for resumed buying today. My target is the upper 50 period Bollinger band, around 25800 in cash index value.