· Week on week, market was barely unchanged, closing a marginal 1.15 points lower. During the week, CI had touched a closing high of 1,053.14 on May 25 coinciding with the uptrend resistance since the Financial Crisis low. Whether this will be taken out in the near term remains to be seen but technically, immediate resistance can now be confirmed at the 1,053 level. While maintaining our positive bias for the medium term, short term however there could be some potential loss in upside momentum with the weekly RSI now indicating that it could trade sideways, a sign that some consolidation is in the pipeline. For the week, we continue to see resistance at the 1,053 – 1,059 levels with 1,070 – 1,100 as next. Immediate support however is now at 1,035 with 1,027 as next. Our strategy remained unchanged which is to top slice should the market spike up towards the 1,070 level and beyond.
No comments:
Post a Comment