Wednesday, January 8, 2014
ASI present trend
As I mentioned previously the present trend commenced on the 28th Nov'13, and we have now successfully broken out of 6000 points, which is gonna be the short term support. Based on the Fibonacci extensions between 28th Nov'13 to the 3rd Jan'14(the day we saw the ASI testing the 6000 resistance), the next resistance is at 6080 points which is not far off, and given the present momentum, we could see it's breached tomorrow. But the next resistance will be 6176 which must be broken. If we fail then the support at 6000 and a resistance of 6100 will be tested, before a move up. The worst case will be a break down of the 6000 points and heading to 5880 to 5900 support. As it is the present trend has yielded 329.61 points or 5.74% in 27 days.
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