Since the beginning of the year the index gained more than 3.5% plus last week rose more than 1.0% and is in a well-established bullish phase since the end of June.
Last week the index initially fell but found enough buying pressure at the 50-week moving average to reverse and closed near the high of the week, in addition managed to close above previous week high, suggesting a strong bullish momentum.
The stochastic is showing bullish momentum and is above the 50 mid line.
Expecting an upward move to a weekly resistance at 1,212 (scenario 1) on a break above the previous week high at 1,176 however a bounce from the weekly resistance at 1,212 may trigger a sell down to the lower end of the weekly resistance at 1,170 (scenario 2). But a break above the weekly resistance could set in motion a rally up to the 2015 high at 1,276 (scenario 3).