Since the beginning of the year the index gained in excess of 13.0% however last only gained more than 0.5% and made a phase change, shifting from a warning to a bullish phase.
Last week the index went back and forward without any clear direction however closed in the green, near the high of the week, but managed to close within the previous week range, which suggests being slightly on the bullish side of neutral.
The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.
Expecting an upward move to a 2015 & 2016 high at 7,085 (scenario 1) on a break above the previous week high at 6,975 and a break above the 2015 & 2016 high at 7,085 could set in motion a rally up to a Fibonacci extension at 7,499 (scenario 2). But a break below the key level at 6,565 may push the index down to a weekly support at 6,278 (scenario 3).