Since the beginning of the year the index gained more than 2.0% also last week rose in excess of 1.5% and it continues in a bullish phase since the mid-August.
Last week the index rose with a narrow 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 is acting as a good dynamic support for the index.
The stochastic is showing an overbought market and is beginning to display a weak bullish momentum.
Expecting an upward move to a weekly resistance at 11,124 (scenario 1) on a break above the 2016 high at 10,803 however a bounce from the 2016 high at 11,803 may drag the index down to a key level at 10,457 (scenario 2).