Since the beginning of the year the index gained more than 1.0% but last week rose in excess of 2.5% and is in a bullish phase since the mid-August.
Last week the index rose with a wide range and closed near the high of the day, in addition managed to close above the previous week high, suggesting a strong bullish momentum. The 10-week moving average should act as a good dynamic support for the index.
The stochastic is showing lack of momentum although is above the 50 mid line.
Expecting an upward move to a weekly resistance at 11,124 (scenario 1) on a break above the previous week high at 10,697 however a bounce from the weekly resistance at 11,124 may drag the index down to a key level at 10,457 (scenario 2).