Short-term bullish bias
Key levels: downside: 11450 / upside: 11560
The break above the daily resistance of 11650 was a strong signal that the rally is yet to fade away. The index is consolidating near the 20-day moving average and could find buying interests in this congestion area. 11850 is the next target in the medium-term.
On the 4H chart, the price bounced back from the 14000 psychological level. This support is critical to maintain the bullish fever in the short-term. The RSI indicator is rising back from its low at 38, suggesting a potential pullback. On the hourly chart, the faster MA has crossed above the slower one, this could signal a turn in the price action as sellers seem to be losing ground.
With enough buying interests, the price could rally towards 11560. On the downside, a break below 11450 may dent the bullishness in the short run.