Current trend

The quotes of the NI 225 index have continued to grow continuously since mid-March of this year: during this time, the price reversed from the level of 26562.50 (Murray level [ 1/8]), moved into the positive part of the trading range and rose to the level of 33593.75 (Murray level [7/8]), above which it has not been able to break for more than three weeks. The last attempt to test the mark 33593.75 was unsuccessful. Consolidation of the price above this level will be able to ensure growth to the upper limit of the Murray trading range of 34375.00 (Murray level [8/8]) and further into the reversal zone of 35156.25 (Murray level [ 1/8]) and 35937.50 (Murray level [ 2/8]).

Technical indicators allow for the possibility of changing the current upward trend in the near future: the Bollinger Bands reverse horizontally after growth, the MACD histogram decreases in the positive zone, the Stochastic reverses downwards from the overbought zone.

Thus, the resumption of the decline seems to be the most likely scenario, but for it to begin, the quotes need to consolidate below the 32812.50 mark (Murray level [6/8]), supported by the middle line of the Bollinger Bands. In this case, the targets will be 31250.00 (Murray level [4/8]) and 30468.75 (Murray level [3/8]).  

Support and resistance

Resistance levels: 33593.75, 34375.00, 35156.25, 35937.50.

Support levels: 32812.50, 31250.00, 30468.75.

Trading tips

Short positions can be opened below 32812.50 with targets at 31250.00, 30468.75 and stop-loss in the area of 33300.00. Implementation period: 5-7 days.

Long positions can be opened above 33593.75 with targets at 34375.00, 35156.25, 35937.50 and stop-loss in the area of 33000.00