Constructed and written by Smartbiz
Local sentiment followed regional trend recovered sharply, today. Mainland Chinese and Taiwanese stocks led most Asian markets higher on relief buying after a string of weak performances. The Intraday Sentiment Oscillator hoped into positive zone after one hour trade and surged to end at +549.45; gained 1,346.33 when compares with its opening point. The Average recorded a gain of 369.41.In MSCD, %K (Yellow) computed as -443.98 (+147.84), %D (Red) -356.43 (+58.09), %A (Pink) -283.58 (+24.64) and the Histogram -62.09 (-6.37).
After today’s market, all line indicators hooked upwards but the Histogram printed yet another negative bar. %K rebounded before reaching its previous low.
Market sentiment improved significantly today after yesterday’s sell-off depression. Investors were seen doing bargain hunting but cautiousness remained.
Based on MSCD, sentiment is still in doldrums as %K remains below %D and the Histogram has printed yet another negative bar. An initial stage of recovery can only be considered when %K cut %D and the Histogram completed its round-bottoming process.
Market should be volatile for some time.
(Note: Explanation on Intra-Day MSO and MSCD are archived under "Labels" at the sidebar.)
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