In the daily charts, the short term directional indicators
had a prong just touching the oversold region and if it still refuses to break
below 1330 as the week’s ending is nigh, the indicator will likely attempt to
turn around from here.
If successful, then we will likely see some attempts on
the upper side next week.
The medium term trending indicators on the other hand
is not so complementing as it has just touched the parity line but the market
could be trying to disguise its hand by pushing it a little higher, lest any
players decide to piggy back on its efforts and profit from it by confusing and
confounding everybody and maybe themselves in the process.
The long term
directional indicators is really just lazing around and no meaningful inference can
be extracted at this juncture.
It will likely be another month and a half before
any undercurrent becomes apparent.
The momentum/volatility indicators are
really at such low levels, it might be better trying to play the range for at
least another week or two.
Interim supports are at 1346, 1341.50 &1333.50 with
minor supports at 1335.30, 1327.80 & 1326.
Interim resistances are at 1368, 1371.50 & 1380.50 with
minor resistances at 1380.80, 1386.25 & 1410.
The daily/weekly trend changer points are at
1331.80/1256.95.
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