In the daily charts, the short term directional indicators
remained totally unruffled by the dishoarding in the Asian hours and probably
attributed to the news of India banning gold imports.
By remaining unfazed earlier,
and with the rebounding off the lows, have now helped both prongs to be just poking
above the oversold line.
The Asian move resembles a little like “blow off steam”
and if that is correct, marks that the lows might have been made and seen for
this run down and some recovery might be due.
The medium term trending
indicators have put on the hand brakes, crumbled into a spot, with one prong trying
to turn back higher but are still far from being confirmed.
The long term
directional indicators are still maintaining their poise and still purposeful.
New
lows needs to be found in order for these indicators to continue looking good
and must not stabilize or else it will give the market a chance to try to avert
the direction.
The momentum/volatility indicators have finally moved up quite a
few notches and to levels where it is ready to take flight but hope that the
selling pressure maintains and these indicators take over for a little while
and give us a good length at the lower end, a run towards 1100.
Just as well, the negative bias is also widening
so we might have a chance yet.
Interim supports are at 1181, 1175 & 1161 with minor
supports at 1182.50, 1178.60 & 1168.70.
Interim resistances are at 1197, 1204.50 & 1207 with
minor resistances at 1191, 1196.70 &1207.50.
The daily/weekly trend changer points are at
1253.50/1347.20.
NOTE: Mib Agenti will be travelling next week.
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