20050923 JetFM Technical Outlook
Technical Outlook ( 23/9/2005 ) by Jupiter Research
CI may have not shown an up move; but the selling pressures were not there to sell into the market either. The sellers apparently have sensed that funds could be waiting for the right moment to buy into the market; therefore, instead of unloading part of stock portfolio at current price, sellers would rather wait for higher price to sell for better gains.
We are likely to see the force of funds pushing the CI higher from next week onward. CI went up to an intra-day high of 923.95 before settled at 923.05. CI is on its way up to test 930-level.
For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 924.49 & 925.92. 1st and 2nd support levels will be 921.08 & 919.10.
Chart wise: CI may have closed only slightly higher; but, it did not seem to have given up yet, one still can expect some actions.
Technical wise: MACD still in negative territory. Directional Movement Index shows that +DMI is above the -DMI. On Stochastics indicator, both %K line & %D line is one step nearer to the overbought zone.
Our stock recommendations for today are:
Iris Corp (Stock Code: 0010)
Sapura Resources (Stock Code: 4596)
WTK Hldgs (Stock Code: 4243)
CI may have not shown an up move; but the selling pressures were not there to sell into the market either. The sellers apparently have sensed that funds could be waiting for the right moment to buy into the market; therefore, instead of unloading part of stock portfolio at current price, sellers would rather wait for higher price to sell for better gains.
We are likely to see the force of funds pushing the CI higher from next week onward. CI went up to an intra-day high of 923.95 before settled at 923.05. CI is on its way up to test 930-level.
For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 924.49 & 925.92. 1st and 2nd support levels will be 921.08 & 919.10.
Chart wise: CI may have closed only slightly higher; but, it did not seem to have given up yet, one still can expect some actions.
Technical wise: MACD still in negative territory. Directional Movement Index shows that +DMI is above the -DMI. On Stochastics indicator, both %K line & %D line is one step nearer to the overbought zone.
Our stock recommendations for today are:
Iris Corp (Stock Code: 0010)
Sapura Resources (Stock Code: 4596)
WTK Hldgs (Stock Code: 4243)
posted by emacro @ 8:15 PM
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