Constructed and Written by Smartbiz
Asian stocks moved off opening losses Thursday, with many indexes finishing in positive territory, though the Hong Kong market ended solidly lower as European debt concerns depressed financials. (WSJ)
Market Sentiment
Local sentiment progressed in scary mood with the Intraday Oscillator opened in the red but finished at its day-high at -120.22; gained 411.72 when compares with its opening point. The Average recorded a loss of 402.94.
At the end of the day, %K (Yellow) of MSCD computed as +48.33 (-82.02), %D (Red) +117.78 (-41.67) and the Histogram +14.70 (-21.04).
Both indicators continued its downswing and the Histogram printed yet another shorter bar.
Conclusion
Enthusiasm of buying low-liners receded from its peak as punters preferred to pocket their gains and stayed sideline. Total volume decreased by 28.12% to 1.586 billion shares.
In MSCD, %K is now in the vicinity of the zero level. The Histogram finished its round topping process and prepares for downside consolidation. There shall be lesser and lesser stars twinkling in the sky as the romantic summer holiday is over.
Day Pick
GADANG (better prospect)
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