Main bearish outlook--
Another break of the long term rising trendline is bearish
Shallow rebound from 12610 low on June 19 has ended- setting up re-test and likely break of 12600
Next key support could be 12400
Bullish alternative
12600 level holds, maintaining trading range enrivonment
(level is significant because it was resistance after the February sell-off and support after the move to 13200)
Another break of the long term rising trendline is bearish
Shallow rebound from 12610 low on June 19 has ended- setting up re-test and likely break of 12600
Next key support could be 12400
Bullish alternative
12600 level holds, maintaining trading range enrivonment
(level is significant because it was resistance after the February sell-off and support after the move to 13200)
Comment:
Main bearish outlook has played out with nosedive down below 12,200
Trade closed: target reached