Approaching the major downward trend line established since May 2018, a break here would be majorly bullish. However, not without a shake out imo. May see a dip below the white trend line with support resting at 3954. From there an ascending crawl up the blue trend line to a final breakage of the multi-year trend line. Buy and sell pressure are at a confluence and will most likely churn prior to the break. This analysis maintains the ascending triangle, with the apex forming at 20 April. A break of 4184 would be massively bullish as this is resistance for the ascending triangle. It can also be noted that volume is decreasing which is normal 77% of the time according to Bulkowski research. Additionally, Bulkowski computes that the breakout happens at the 61% mark in length of the triangle, 70% of the time, making the ideal date ~01 April.
Comment:
Support 1 was misstated as 3954, the correct level was 3913, with the second support as indicated on the chart as 3840.
