Technical analysis of the index of pharmaceutical substances and products group……
In the weekly time, the support chart has lost the important level of 0.6, which can be monitored on the way back, and its recovery is important for the growth of the index. At the same time, the dynamic levels of the Andrews fork can also be checked if the index grows. Talking about the dynamic resistance, Gan Fan also offers two resistance lines and a support line, which is the closest dynamic support so far in the analysis.
In the daily time, the support level of 0.3 Fibonacci has been broken, which makes it difficult to climb again. A point that should be kept in mind is the correction of only 16% of this index compared to its peak in May, which is lighter than many indices such as automobiles with 41% correction.
The short-term and medium-term moving averages show a downward trend, but the oscillator of the chart shows the possibility of an upswing, which is better to make a new investment after breaking the mentioned important resistances.
If the levels of 200931 and 209057 rise, they are important static-volume levels in the role of resistance.
Summary of technical analysis of the index of pharmaceutical substances and products group
Static support and resistance often contain a range and an average point is stated.
Dynamic Support (Dynamic / Diagonal): Gann Lines, Weekly Channel and Andrews Fork
Static support (fixed) first: 178815
Second static support: 168203
Third static support: 153094
Static support (fixed) IV: 149270
Risk to Reward: Risky to retrace recently broken support (short term)
Dynamic resistance (dynamic/diagonal): Gann lines, weekly channel and Andrews fork
First static resistance: 189426
Static resistance (fixed) II: 201387
Third static resistance: 209560
Fourth static resistance: 223780