We last updated Bursa average on 3 Dec where we mentioned cumulative weakness till that point in time with most likely a sideway movement before breaking out in either direction. Highlighted yellow bar
1504.16 becomes our resistance line as price has been rejected there.
The axis line 1464.83 is also broken. Although the 2nd last bar shows some buying, we still expect price to go lower, weighing the cumulative weakness to date. For now we have drawn 1420.38 line as the first ‘area’ to watch for further price action
