ASI - Trend reversed. Short Term Sell

All Share Index rallied so fast for 11 consecutive dates, shooting the RSI upto 84 points by the 12th April. This overshoot had to stop, and stop it did today. Forming a swing high of 6421 on that day, made a lower high today at 6412. Suggesting that the trend has reversed in the short term. The pace of the uptrend shows some strength, but the issue is that the bigger movement was witnessed only in a few counters such as JKH and CTC. JKH saw the biggest turnovers, whilst CTC chipped in with higher price gains. The rest of the Market lagged behind, but saw some decent gains in excess of 30% in the said period, but with thin turnovers. However we need to be happy that the down trend reversed at 5968 points and moved more than 450 points in a very short spell, which had not happened during the aftermath of the post war rally. The spontaneous spike could be the beginning of a fairly long term uptrend. But pullbacks as we saw today need to be expected if a strong trend is on the cards. In the short term the Index should take support above 6100 points, to extend the uptrend. That is roughly 200 to 300 points below the present close of 6351 points.