The index has broken up through an important level of the bottom pattern that has formed on the weekly chart. The signals are still bullish after the sustained downturn since Q4 07. The MACD is currently sending a strong signal for a continued longer term uptrend. A similar thing is happening on other markets around the world so we need to watch these bullish signals closely. But at the moment they are still pointing to the upside on the weekly chart. There are good volumes behind the latest upturn as you can see and the target from this bottoming pattern is around 3,000.
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