The QE Index ended on a bullish note last week, surpassing the important resistance near the 11,170.0 level. Starting the week on a positive note, the index caved in under selling pressure on Monday and Tuesday, pulling it down below the supports of 11,100.0, 21-day moving average and the 11,000.0 levels. However, the index rebounded from its weekly low of 10,975.62 and registered an impressive rally during the middle of the week reclaiming all the above levels. The price action on Wednesday and Thursday was largely responsible for the gains over the week. Meanwhile, the index has successfully managed to defend the 11,000.0 psychological level on many occasions, thus providing a strong support area. Hence, until the time the index does not close below the 11,000.0 level, bulls need not worry. We believe this range-bound movement is healthy for the index over the long-term. Some rest is required before the index resumes the next leg of its rally. Further, the index may advance toward the 11,200.0-11,300.0-350.0 levels only if it clings onto the support near the 11,170.0 level. On the other hand, any dip below this level may drag the index to test the 21-day moving average followed by 11,060.0. Meanwhile, both the momentum indicators are providing mixed signals. Thus, we expect a mixed week with high volatility. Investors are advised to exercise caution and make good use of the stop losses.
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