Since the beginning of the year the index lost more than 11.0% but last week managed to rally in excess of 1.5% however ended the week in a bearish phase.
Last week the index rallied with a narrow range and closed in the middle of the week range in addition managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control. The approach of the 50-week moving average at 17,227 continues to provide a strong resistance.
The stochastic is setting higher highs while price is making lower highs, signs of a potential hidden bearish divergence.
Expecting a downward move to a weekly support at 16,105 on a bounce of a key level at 17,065 (scenario 1) however a break below the weekly support at 16,105 may drag down the index to another key level at 15,315 (scenario 2).