THE DECLINING CHANNEL PATTERN PRECEDING A BULLISH TREND
General View: The RS declining channel pattern remains in effect. The long-term bullish trend is expected to resume after the completion of the RS formation, aiming towards T2 and potentially beyond.
Short-Term: A recent reversal from the resistance level R1*/R has validated the forecasted market behaviour. Further declines are anticipated to at least test the support levels at K/S2. Consolidation of types D and E is expected to finalize both the RS flag and RK* triangle patterns.
Feasible Alternatives: The outlined perforated line indicates a scenario where a deeper correction may occur. If the support at K* fails, a downward movement towards the lower targets S3 and S is possible.
Target and Re-assessment levels:
Important Level/s: 70500 and 65750
Primary Trend: PK range trading followed by a bullish trend to 75000
Prevailing Trend: Downside to 65750/65800
Monthly Range: 65750/70000
Technical Rating: Medium
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