TECHNICAL ANALYSIS BY NSFX 14.01.2014
On the 4 hour chart we see that the December rally has ended with a sell off to the 38.2% Fibonacci level which is in the 9380 area. Buyers entered at this level early this month but didn’t push momentum to test the highs of December. Today again sees price action bounce off the 38.2% Fibo level and if this area holds we could once again see action advance perhaps to again retest the month high. If support breaks the 9230 area could offer the next area of support, the 50 day SMA and the 61.8% Fibo level.