The market ends a 7-day rally retreating 14.84pts (-0.50%) and settling at 2969.83. The index continues its short term uptrend within striking distance of the 3,000 potential resistance. The intermediate downtrend favors the chances of this upswing reversing at or near said level. For those eagerly waiting for an uptrend, remember that in technical terms we need to see the following happen in succession: (1) a break above the intermediate trendline, (2) followed by a break above the 3,300 resistance, and (3) a series of higher lows and higher highs appearing concurrently or after (2). So far, the charts do not show any evidence that this is likely to happen.
PRICE AND TURNOVER
Close: 2,969.83 * Change: -14.84 (-0.50%) * Value: 2,832,937,000
MARKET BREADTH
Net Adv Issues: -19 * Net Foreign Buying: 127,487,551 * Net Up Volume: -369,242,870
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Fib retracement (38.2%) 3,000 * Prior Support 2,800 * Prior resistance 3,300 * Potential trendline resistance 3,000 * Potential (role reversal) resistance 3,000 * Short term objective 3,000
PRICE AND TURNOVER
Close: 2,969.83 * Change: -14.84 (-0.50%) * Value: 2,832,937,000
MARKET BREADTH
Net Adv Issues: -19 * Net Foreign Buying: 127,487,551 * Net Up Volume: -369,242,870
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Fib retracement (38.2%) 3,000 * Prior Support 2,800 * Prior resistance 3,300 * Potential trendline resistance 3,000 * Potential (role reversal) resistance 3,000 * Short term objective 3,000
No comments:
Post a Comment