The index closed down 4.03% from the week before; it ended Thursday’s session at 8,730.06. We see a bearish move took place on higher index constituents’ volumes, which indicates further correction is ahead of us. The MACD moved closer to its signal line, which is another sign for the anticipated weakness. We maintain our expected resistance level at 10,000, and the current support level is situated at the 8,000 mark.
Definitions of key terms used in technical analysis
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security’s open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
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