September 25, 2018 / 5:11 AM / 2 months ago

BUZZ-India's NSE Index retests key support at lower trendline

** India’s NSE Index that has lost nearly 7 pct since it hit a record high of 11,760.2 points on Aug. 28, trades near a key trendline that connects May and June lows

** Index's wave pattern suggests it's in the final wave (5) and is expected to form an expanding diagonal. Therefore, a reversal of the short-term downtrend is expected from the lower trendline reut.rs/2xBrbc6

** The final wave 5 of the current wave cycle is expected to start from the lower trend, wave 5 is expected to retest the upper trendline

** Index currently has a resistance at 11,069.43, the 38.2 pct Fibonacci retracement level of the uptrend from the March 23 low to the Aug. 28 high

** Index’s MACD is still negative and below its signal line

Reporting by Gaurav Dogra; Editing by Sunil Nair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below