In the daily charts, the short term directional indicators
are at such low levels that it just needs to touch 1300 and possibly we might
hit the bottom – first level and psychological support.
The market pushed
really hard in the Asian hours towards 1300 but bargain hunters underpinned and
disrupted efforts of the sellers.
What is not good here is, after having come to
such a low level and if it just closes back above the 1310, might see this
indicator on the verge of crossing back up and a good chance of it happening.
With that, market will go into a recovery for at least a week or so.
The medium term trending indicators are going
deeper in the negative territory and could remain negative for a longer period
of time.
The long term directional indicators are also forming up nicely and still
looking like a classical definition of a bearish market.
The
momentum/volatility indicators have not arisen from its stupor of summer and
still sloth-like and rests like a giant, waiting to be awaken.
However, to wake
this behemoth, needs tremendous effort and anything short of that, will be
futile. So we might not see 1300 broken in this round.
Interim supports are at 1301.50, 1299 & 1274 with minor
supports at 1303.60, 1298.30 & 1294.
Interim resistances are at 1318, 1323.50 & 1335 with
minor resistances at 1316, 1335.50 & 1352.
The daily/weekly trend changer points are at
1249.60/1276.90.
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