Although the overall picture is bearish (Head and Shoulders pattern not finished), I expect a small relief rally.
It is because we seem to be a bit overextended on the daily graph.
The RSI is oversold, and MACD is showing regular divergence.
The two possible scenarios are shown on the chart.
Pivot points have been a good indicators over the last few sessions, so I'll use that here too.
Support: 11262.5, 10285.5
Resistance: 11785.3, 12075.8
It is because we seem to be a bit overextended on the daily graph.
The RSI is oversold, and MACD is showing regular divergence.
The two possible scenarios are shown on the chart.
Pivot points have been a good indicators over the last few sessions, so I'll use that here too.
Support: 11262.5, 10285.5
Resistance: 11785.3, 12075.8
