Market sentiment within the current sideways zone ranging from the recent low of 1,517 pts to our immediate resistance at 1,544 pts improved a wee bit yesterday. The 5.4-pt gain pushed the index closer to the 1,544 resistance line of the recent trading range. Although it is still within the recent trading range, the index is now at least trading further away from the recent low of 1,517 pt-level. We have said before that a break below the 1,517 pt-level will raise the risk of another attempt to test the 1,474 pt-level. As this 1,474 pt-level has been tested four times since October last year, every new attempt to crack it will increase the risk of violating it. And, a breakdown from the 1,474 pt-level is expected to trigger panic selling.
We shall see if the index could finally pull itself above the 1,544 pt-level today or next week. A breakout from the 1,544 pt-level will see a continuation of the rebound starting from the key low of 1,474 pts.
We will maintain our bullish view on the near-term market until the 1,474 pt-level is violated. Immediate support is still seen at 1,517 pts, while the 1,500-pt psychological mark would be the next support. To the upside, immediate resistance lies at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
We shall see if the index could finally pull itself above the 1,544 pt-level today or next week. A breakout from the 1,544 pt-level will see a continuation of the rebound starting from the key low of 1,474 pts.
We will maintain our bullish view on the near-term market until the 1,474 pt-level is violated. Immediate support is still seen at 1,517 pts, while the 1,500-pt psychological mark would be the next support. To the upside, immediate resistance lies at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
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