The major bearish direction continued dominating the movements as the index stabilizes below the resistance of the long term bearish trend seen on the image.

The recent upside recovery has found a resistance around 3590.00 which forced the index to move lower again towards the support of the correctional channel of the medium term basis at 2670.00 while EMA 50 continues covering the movements.

Stochastic offers positive sign over weekly studies supporting the correctional movements over medium term but as we mentioned above, the bearish tendency will continue inside the medium term bullishness as far as trading is above 2760.00.

A break above 3545 will open the door towards 3880.