Thursday, June 21, 2018

ASI - Reocvered!!! will it be for long?

Finally the expectations of a trend reversal took place. RSI that was at 13.5 points yesterday, turned up to finish at 17.56. The index was 6229 points at the close, that was 6217 yesterday. A MILD RECOVERY. Whether it will be a rewarding turn is something any one would love to see. Whether it is bullish or bearish the basic thing to look for will be the support and resistance levels. Despite the recovery was a paltry sum, what to track would be the immediate support and resistance levels. On the resistance side keep an eye on 6250 and 6295 areas, whilst the supports are at 6200 and 6165 points, in case of a down trend continuation. My expectations are for the index to now hit higher, BUT there can be one more bearish move with a steep swing low candle, to make it an ideal trend reversal. Having said that the trend change that happened today is what I will be watching in the next few days, which will make the coast clear.

 

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