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1. Market Structure & Price Action
Current Price: 44,371.5
Daily Change: -213 points (-0.48%)
The index has experienced a strong uptrend, reaching a peak of 45,124.9 (Top 1) and 44,957.2 (Top 2).
After the second peak, the price formed a falling wedge, which is generally a bullish pattern indicating potential reversal.
The price has now broken slightly above the wedge, suggesting possible upside momentum.
2. Key Technical Patterns
✅ Rising Wedge (Bearish Reversal) → The first part of the chart shows a rising wedge formation, which led to a breakdown and reversal.✅ Falling Wedge (Bullish Reversal) → After the correction, the price entered a falling wedge, which is typically a bullish signal.
The falling wedge target appears around 44,880.9 (R1), meaning a possible short-term bullish move.
If the bullish breakout sustains, price may test R2 levels at 45,376.
3. Support & Resistance Levels
📌 Immediate Resistance:
44,473.1 (P) – Pivot Level
44,880.9 (R1) – Strong resistance
45,124.9 (Top 1) – Major breakout level
📌 Immediate Support:
43,882.1 (S1) – Key short-term support
43,589 (S1 second level) – If the price breaks lower, this is a key watch level
43,230.3 (S2) – Deeper correction target
4. Indicators & Momentum Analysis
📊 Moving Averages:
The short-term moving averages (blue, red, and yellow lines) are beginning to flatten, indicating potential trend exhaustion.
The price is slightly above the key MAs, which means a breakout may be forming, but confirmation is needed.
📊 Volume Analysis:
Volume has increased during the falling wedge breakout, which supports a bullish case.
However, if volume dries up, the price may struggle to sustain upside momentum.
5. Trade Scenarios & Strategy
✅ Bullish Scenario (Buy on Confirmation)
🔹 Entry: If the price breaks and closes above 44,473.1🔹 Target 1: 44,880.9 (R1)🔹 Target 2: 45,124.9 (Top 1)🔹 Stop Loss: Below 44,200 to minimize risk
❌ Bearish Scenario (Short if Rejection Occurs)
🔹 Entry: If price fails to break 44,473.1 and forms a bearish rejection candle🔹 Target 1: 43,882.1 (S1)🔹 Target 2: 43,589 (S1 second level)🔹 Stop Loss: Above 44,600
6. Summary & Guidance
📌 The market is at a critical decision point—a breakout above 44,473.1 could lead to a move towards 44,880.9 and 45,124.9.📌 If resistance holds, a rejection could lead to a pullback toward 43,882.1.📌 Risk Management: Watch for strong confirmation signals before entering trades.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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