I was called away for some official business and just back
today. In the daily charts, the short term directional indicators had recovered
back to the 45% level before being pulled back lower and also cut downwards.
There is some probability that recent lows might be breached as there is some
height at which the indicators are turning down from and should be pushing back
into the oversold region in a couple of days at the earliest.
The medium term
trending indicators have recovered back to the parity line but the gradient of
the ascent is steadily tapering but the direction has not been averted yet.
A
closing below 1155 will very likely cause a change in the direction but this
must be achieved by the week’s end or the job becomes doubly hard.
The long term directional indicators are
southward bearing and came very close to being negated but it somehow
stubbornly refused to be cowed.
The momentum/volatility
indicators almost reached the stage where it was going to start to boil but as
quickly as it crept up, it has gone on to a holding position.
Even if it manages to continue holding, at
the opportune time, it could start a fresh assault at the lows and go into a
running pace.
The negative bias is similarly is holding steady, neither
increasing nor decreasing.
Interim supports are at 1155, 1146 & 1137.50 with minor
supports at 1156.30, 1144.60 & 1132.80.
Interim resistances are at 1167, 1172 & 1180.50 with
minor resistances at 1166.50, 1189.60 & 1191.
The daily/weekly trend changer points are at
1173.10/1296.65.
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