In the daily charts, the short term directional indicators
have pushed very nicely lower over the past few days.
However, the descent was
a little too speedy, having reach around the 40% mark now and could mean that
lesser room to be trying lower later on.
There is also the fear that the market
might recover from here if it manages to keep well of the lows.
The medium term
trending indicators have stretched out lower as well and closer to the parity
line.
However it looks like it is flattening out and a mini recovery could be
in the process.
The long term directional indicators were negated last week and
a new directional was almost in the making except that the market lacked
sustaining power and rebounded.
This could set in motion going into a
consolidation phase, trapped in some middle ground as it ponders its next major
move.
The momentum/volatility indicators have dropped off to a very low level
and the earlier positive bias came to within a hair’s breadth of being compromised
but the sudden rush up has averted that for the moment.
So it remains mildly
positive at the moment but could build into a rush later on.
Interim supports are at 1201.50, 1197.50 & 1194 with
minor supports at 1200.10, 1190.60 & 1182.50.
Interim resistances are at 1218, 1223.50 & 1226 with
minor resistances at 1218.50, 1221.70 & 1231.50.
The daily/weekly trend changer points are at 1213.80/
1128.05.
No comments:
Post a Comment