Emas Index at a fence

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Since December where there was talk about a possible election saw the Emas rally from a low of 11312 to a high of 12797. That bullish momentum looks to have more or less cool down based on the movement in the last 2 months of May and June.

As you can see from the chart, price is currently on a mini down turn and made a new low today. I won’t be that fast to say we are in a bearish trend as price is trading at the bottom of the channel. If this channel is broken then we are in for some continual bearish move. Till then this would be the EMAS Index support for now. 12358 would be the major support to break should price breaks the current channel.