OUTLOOK
The local composite index ticks down yet another day lower by 13.54 (0.5%). It gaps down at the open and stays entirely in the red closing a bit off the lows. By expanding the daily chart to a shorter (3-month) time horizon, we are able to fine tune our support and resistance levels from the proximate round figures of 2800 and 3000 to 2750 and 3050 respectively. Today's chart is clear of any noteworthy technical signals.
PRICE AND TURNOVER
Close: 2,904.73 * Change: -13.54 (-0.46%) * Value: 1,848,348,000
MARKET BREADTH
Net Adv Issues: -22 * Net Up Volume: -94,536,280 * Net Foreign Buying: -352,319,019
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Minor downtrend * Support 2750 * Resistance * 3050 * Double top on the weekly chart * Price objective 2,500
The local composite index ticks down yet another day lower by 13.54 (0.5%). It gaps down at the open and stays entirely in the red closing a bit off the lows. By expanding the daily chart to a shorter (3-month) time horizon, we are able to fine tune our support and resistance levels from the proximate round figures of 2800 and 3000 to 2750 and 3050 respectively. Today's chart is clear of any noteworthy technical signals.
PRICE AND TURNOVER
Close: 2,904.73 * Change: -13.54 (-0.46%) * Value: 1,848,348,000
MARKET BREADTH
Net Adv Issues: -22 * Net Up Volume: -94,536,280 * Net Foreign Buying: -352,319,019
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Minor downtrend * Support 2750 * Resistance * 3050 * Double top on the weekly chart * Price objective 2,500
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