OUTLOOK
Local stocks take a cue from the Dow and trades higher by 17.01 (0.59%). The composite average gaps up and moves within a thin 20pt range before closing off the intraday high. Today's advance isolates yesterday's price bar between 2 higher intraday range and closing prices raising the possibility that the index may have found a new short term support. A higher close tomorrow will confirm this.
PRICE AND TURNOVER
Close: 2,921.74 * Change: +17.01 (0.59%) * Value: 1,842,265,000
MARKET BREADTH
Net Adv Issues: -6 * Net Up Volume: +166,335,120 * Net Foreign Buying: -141,802,412
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend * Support 2750 * Resistance 3050 * Potential double top on the weekly chart * Price objective 2500
Local stocks take a cue from the Dow and trades higher by 17.01 (0.59%). The composite average gaps up and moves within a thin 20pt range before closing off the intraday high. Today's advance isolates yesterday's price bar between 2 higher intraday range and closing prices raising the possibility that the index may have found a new short term support. A higher close tomorrow will confirm this.
PRICE AND TURNOVER
Close: 2,921.74 * Change: +17.01 (0.59%) * Value: 1,842,265,000
MARKET BREADTH
Net Adv Issues: -6 * Net Up Volume: +166,335,120 * Net Foreign Buying: -141,802,412
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend * Support 2750 * Resistance 3050 * Potential double top on the weekly chart * Price objective 2500
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