Will IT index bounce from the support zone that is seen retested on. weekly charts ? There is a momentum bullish divergence see on RSI that could cause a medium term reversal after a major correction happening across the IT stocks? potential for mean reversion trade do exit. However a close watch on what Nasdaq does now is also crucial which currently hanging on sideways momentum & bearish price action.
IT sector corrected fairly & divergences on momentum worked well to take it to sideways zones now and seems to be reversing & gap resistance cleared now with wide rang bullish candle.close relation to us indices do exit which also seems to in reversal path now attributes to the reversal. however we need keep close watch if this reversal sustains to take momentum to bullish zones or not.probably may remain sideways for longer but bearishness may have ended for short term at last bottom made