We said 'Technically the trend is still intact up though the market looks stretched. The logical technical target still is 5385 and beyond that to 5434'.
From trading point of view, I would trade long as long as 5275 holds'. The market unfolded as expected and has closed right on our resistance after trading for in the tight sideways zone for five trading sessions and in the process generating an indecisive weekly bar.
Technically the trend is still intact up though the upside technical target is achieved and the next logical technical target on the upside is 5481-5646. Technically the crucial support to watch would be 5322 and a close below 5322 could trigger selling pressure.
From a trading point of view I would trade long as long as 5322 holds.
