Tuesday, April 26, 2016

ASI - No signs of a retracement. HEADING NORTH

Many a time I've been mentioning that the ASI could retrace from 6400 points to 6250 points. But given the market behaviour since 2014 I also did not expect major retracements within a trend. This time too it only paused in and around 6400 points and now will head northwards to test 6500 points.100 DMA is at 6430, but I'm not sure whether that will stop the trend. One major area is around 6579 points, which is the 100% extension of the fall from 6400 area to 5800 points. This is given in the Chart below. I expect the market to test that in the short term.


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