The trading idea is based on a breakout above the local swing high and continuation of the main uptrend. The price rose above SMA20 but now the market forms a new swing high. RSI
confirms possible price reversal. MACD
lines still give bearish
signal and we should be ready to see a short term downward movement to the uptrend line and SMA50. But what if the market continues the uptrend movement without retracement? If so, we should be ready to join it based on the breakout signal. Pending orders for buy can be placed at 575.00 level with stop orders at 405.00 level. The short term target is 700.00 resistance level
. The long term target is 1000.00 level.