BEL20 is jumping right from the opening Monday morning trading above its upper falling trendline and above resistance at around 3,668.A that time of writing RSI is also back above 60 threshold indicating higher levels are likely. It requires the Index close s above 3,668 and RSI above 60.
However, there is some resistance around the at around 3,700 which is both around the upper part of the Cloud AND the 100 and 200 daily Moving Averages.
If BEL20 can overcome those obstacles there is upside potential to around 3,850-3,900.
If BEL20 closes below the 55 daily Moving Average currently at 3,630 and RSI fails to close above 60 the Index could resume downtrend.