Sense & Cents

Buying momentum could not be sustained after early gains in the morning session. Nevertheless, prices remained above its 30-day SMA and it would suggest that the bulls are still in control. We continue to look for more strength in the near term but selling pressure in the past couple of days has dented some of this bullishness. 1,532 is still the target it is aiming for but keep a close eye on its 50-day SMA and its support trend line at 1,491. A break below both of these supports would mean that a deeper correction towards 1,440 is likely.