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ASI
Despite the bearish tone on the weekly chart with a red candle, the daily chart paints a more optimistic picture as it closed with an engulfing bullish candle. Notably, the daily candle successfully closed above the 10-day moving average (DMA), indicating short-term strength.
However, challenges remain as the immediate resistance level stands firm at 10,874.27, and it's noteworthy that a short-term (ST) resistance trend line converges with this point. Beyond this immediate hurdle, attention shifts to the next resistance zone within the range of 10,960 to 11,120.
Turning our focus to the daily chart, it's worth mentioning that Trendline #1 (TL #1) offers crucial support to the Relative Strength Index (RSI). Although Trendline #3 (TL #3) was tested, it wasn't breached by the price, suggesting it might serve as a notable resistance level.
ASI
Despite the bearish tone on the weekly chart with a red candle, the daily chart paints a more optimistic picture as it closed with an engulfing bullish candle. Notably, the daily candle successfully closed above the 10-day moving average (DMA), indicating short-term strength.
However, challenges remain as the immediate resistance level stands firm at 10,874.27, and it's noteworthy that a short-term (ST) resistance trend line converges with this point. Beyond this immediate hurdle, attention shifts to the next resistance zone within the range of 10,960 to 11,120.
Turning our focus to the daily chart, it's worth mentioning that Trendline #1 (TL #1) offers crucial support to the Relative Strength Index (RSI). Although Trendline #3 (TL #3) was tested, it wasn't breached by the price, suggesting it might serve as a notable resistance level.