A break above the right shoulder is required to begin the bullish impulse movement, but we may expect one more negative leg to occur before the break.
The support rests at 50915.47 with resistance at 51074.67 which the price is above the Pivot Point at 50972.13 located between the lines. The EMA of 10 is showing a bullish bias in the ascendant channel, and it is below the EMA of 100 and 200. Both EMA of 100 and 200 are moving horizontally. The RSI is moving toward the level of 70, the MACD histogram is in positive territory with the signals showing upward momentum and the Stochastic is moving in high ranges. The ADX is not showing an upward movement.
The price is above the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are both showing an upward momentum.

• There is resistance at 57985.43, followed by resistance at 51131.33 and 51290.53.
• There is support at 50915.47 Below, there is 50812.93 and 50653.73.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.