The January Romanian BETFI Index direction has taken shape as discussed in a previous post. We notice in the updated daily chart above that the index turned bullish exceeding the 22500 - 23000 resistance area where BETFI could have reversed.
The downtrend wave count has changed a little (registering a 5th wave similar to the 1st) and the correction to the downtrend proved to be impulsive also starting to overlap the 1st previous downtrend wave which means we actually have a reversal that could lead the index to the 25000 - 26000 points area.
In the daily chart below we see the increasing volume breakout through 23000, the 50%-61.8% retracement lines and the falling 200-day simple moving average which could easily propel the BETFI Index towards the previous high and upper channel line highlighted in the chart above around 26000 points.
The bullish case is also supported by the 20 EMA which is about to cross the 50 EMA, by the monthly time cycles which still show room for advances and by the index starting uptrending with increasing directional volatility.
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