Looking at the price action the cash markets have rallied after a significant decline at the open. We rejected the 6707 support and since produced a bullish hammer candle. As it stands we are slap bang in the middle of the most recent value area and the price action suggests we will see a test of the recent resistance level of 6945 or the downward trendline originating from the 11th of Oct high. We could see a rejection of the resistance zones for a move back into value the value area of between 6870 and 6780.
