Volatility in stocks has continued to consolidate, and we are broadly forming a pennant pattern. We are seeing consistently lower higs, starting from 4214, which is the level we must break before attempting higher levels. The neckline of our failed inverse head and shoulders pattern at 4068, seems to be providing good support, and lows have recently tended just above this level. The Kovach OBV is still fairly flat, so we will need a lot more momentum to properly break out. We must break through 4214 before we can consider higher levels and hit our next target of 4306. If 4068 fails to provide support then 4009 is our next level of support.
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