- We last mentioned in Sept 23 that if demand keeps pushing in, the average could go up to 1504.16 area
- Price can be seen tightening from Sept to Dec 23 although interval updates were not provided here.
- This sharp acceleration to 1504.16 area is overbought, i.e. climatic buying.
- We expect the average to pullback with low volume for continuation to the next RR line (1524.69 area). Or failing which, this is where the bear will logically show its hand if the average is weak