If you happened to read my last short note on the ASI, you would remember that I mentioned that there is a chance of the ASI recovering. The RSI had to move above 50 points and, the index line had to move above 9EMA. Both of these were seen happening. The aggression in the hourly RSI is still too much. Hence we may see the Index wanting to test the Resistance area between 6001 and 6027 with the RSI testing the overbought area above 70 points. This may happen during the early part of the week. However as we are nearing the month end the index may be at the mercy of bears. As such it will be interesting to see how the Bulls are going to over power the bears throughout the week. December Earnings are trickling in and the message that the results are going to give will certainly help the market momentum in the short term, whilst the medium to long term trend is filled with positive sentiments due to the bold measures the GOSL has initiated. As such the short term market is very important for those who want to collect. Do not loose this opportunity.
No comments:
Post a Comment