ASI took a hit. now what?

It was not something we Sri lankans expected that happened on the 8th of Jan'20. Index  came down by 2.16% which wasn't seen even in the Iranian Market who were directly effected. Iran was down 1.4%. Index closed the week on a positive note, but the momentum is still not strong. It will try to pierce through 6000 points in the week to come, but how it will sustain is something to be watched. RSI which was bearish during the previous week retraced further this week. That needs to rise over 50 points. One important factor for a continued upward momentum will be positive fundamentals in the December Quarter which will start to trickle in from the 3rd week of this month. Till then the Market will fluctuate on sentiments.

ASI hourly chart on the 3rd of Jan'20

ASI hourly chart on the 9th of Jan'20