Challenging support turned resistance line (Green line) on the 2nd attempt. 1st attempt broke the resistance line but failed to hold (Purple circle).Broke out of downtrend on 13-Jul-10 (Orange circle), sharp fall (Red arrow) subsequently failed to re-enter downtrend area, indicating break-out still intact.
To note that break-out has occurred on low volume, hence a strong break-out of resistance line (Green line) on strong volume will be a good indication of the strength of the rally. Failure to do so might indicate that the downtrend is due to persist.
Next resistance at 10,800.
Support at 10,000.
Closing price (23-Jul) is 10,424.
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