Short-term indicators are oversold with short term stochastics at the bottom of the range. Any rebound is likely to face resistance at 3,500.
ADX has started to rise from a low level, and the DIs are negatively placed, confirming a possible downtrend. Quarterly momentum is forming a downtrend The weekly chart shows a gradual downturn by annual momentum, with its own weighted moving average turning down a well. This suggests that the main uptrend is probably over.
Immediate support appears at 3,338, the April low. A break below this level would indicate a downside measuring objective.
