The resistance based on the trend line plotted through the 1st higher low is at 6300 points.
Hence I expect the ASI to test the area between 6280 and 6300 before a
breakout from there. Also 6261 points is another major resistance point as that was the low it came down to on the 20th of January 2016.
I wish to see the ASI trending within the channel formed with higher lows of the
present uptrend and the 1st higher high.But we may move out of it before an adjustment.
8th will be critical, which is on the morrow. Also the next week will be a short week, as such I do not expect trend following traders to be active in these few days.
But could be an ideal platform to fish in the pond.
Present support is at 6130 to 6200. The uptrend will change if the ASI comes down below 6023 points.
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