Recovery leg extends into third straight day and accelerated on Monday (up 2.2% until mid-European session), with fresh bullish signals generated on lift above bear-channel upper boundary (90700) and Fibo 38.2% of 107502/80514 descend (90823).
Improving technical picture on daily chart underpins recovery which faces headwinds from falling 30DMA (92380), guarding upper breakpoints at 94000 zone (Fibo 50% / double-top of Dec 3;4) violation of which to further strengthen near term structure and expose target at 97192 (Fibo 61.8%).
Near-term action is expected to remain biased higher while holding above broken channel’s upper boundary, while returning below psychological 90K support would neutralize bulls.
Res: 92380; 93050; 94000; 95957
Sup: 90823; 90000; 89509; 87702
, with fresh bullish signals generated on lift above bear-channel upper boundary (90700) and Fibo 38.2% of 107502/80514 descend (90823).){kind=link}