- Trends: Undefined major trend, intermediate downtrend, near term downtrend.
- Momentum: accelerating.
- Support and resistance: 11939(Mar2007)/13780(Dec2007).
- Volume confirms the downtrend. For the past 3 weeks volume has significantly expanded during the declines.
It appears inevitable that the major support of 12000 will soon be tested by the index. If it holds, then it is reasonable to expect a bounce possibly up to the 12700 to 12900 level. But I expect any technical correction to be shortlived since there are no evidence in the charts that show any sign of the underlying downtrend waning in the near term.
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