We noted the market’s indecisiveness in the vicinity of the uptrend line 1 last Friday. The market
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
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