The current structure indicates that the market is forming a bullish movement in the direction of the resistance level of 199.38, which is on the yellow bound.
After the market rises to this level, there are two possible scenarios. Or we will see a rebound from this bound and a decline to the support level of 157.28, which is on the lower wall of the yellow channel.
Or, if the resistance level of 199.38 breaks, the bulls will open a path in the direction of the upper bound of the yellow channel and the level of 275.54. In this case, we can see a strong bullish trend.
