Prices continue to drift sideways yesterday, possibly forming a small base above the 30-day SMA. As prices remained above its 30-day SMA, we think that there is one more leg to retest the 1,532 soon. If prices do not kick up soon, we would likely revert to a more neutral stance.
The key support that needs to be eyed is its 50-day SMA and its support trend line at 1,495. A break below both of these supports would mean that a deeper correction towards 1,440 is likely.
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