Break of the Q1 high at 5265 further extend the bullish break at the start of the year to fresh all-time high
Bulls stays firmly in focus and see the 0.786 Fibonacci extension of the 2020/2022 rally measured from the 2022 pullback low now within reach. The deep overbought daily and weekly studies caution corrective pullback though bullish structure suggest correction, if seen, likely to prove limited. Gains above 5556 extension target will see possible extension to the 6000 figure. Gains beyond this, if seen, will see scope to 6118, equality target of the 2020/2022 rally.
Meanwhile, corrective pullback see support starting at the Q1 high at 5265 and extending to the 5200 congestion. Below this will see room to the 5000 level which is expected to underpin and limit corrective pullback. Would take break here to fade the upside pressure and see deeper pullback to the critical 4818, 2022 year high and extending to the 4600 congestion.