It will break out here. Clearly hitting a strong level of resistance but it's evident on this 30 minute chart that it will break through in short order.
However there are multiple key averages overhead between 12000 and 12400. There will need to be a move sideways around this level for the rally to continue. In other words it will need to find support here and take a much needed breather with a sideways and slightly down trending motion.
If support does not come it could easily give up the gains it has made and then a retrace back to the 200 DMA or worse a continuation of the downtrend. This is a critical juncture either way and a time for caution and conviction.
However there are multiple key averages overhead between 12000 and 12400. There will need to be a move sideways around this level for the rally to continue. In other words it will need to find support here and take a much needed breather with a sideways and slightly down trending motion.
If support does not come it could easily give up the gains it has made and then a retrace back to the 200 DMA or worse a continuation of the downtrend. This is a critical juncture either way and a time for caution and conviction.