20050927 Technical Outlook JetFM
Technical Outlook ( 27/9/2005 ) by Jupiter Research
Encouraged by the stock index futures good performance, CI went up to an intraday high of 926.88 before settled at 925.13. CI is obviously moving one step closer to 930 resistance level.
930 level may look so near; but, it may also look "so far" to be broken as first round of profit taking activity is expected to roll in to curb stock index advances. Of course, CI would not just give way that easily, it would do its utmost to keep its flag flying higher.
Nevertheless, if 930 level were to be breached convincingly, CI is likely to test 940 - 945 level. Otherwise, second round of profit taking activities are believed to come into the market in a big way, which would eventually push the CI down.
For Tuesday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 927.42 & 929.71; 1st and 2nd support levels will be 922.30 & 919.47.
Chart wise : CI has to clear the 930 level before it could rise further. 930 level is believed going to pose a strong resistance to the CI.
Technical wise : MACD has just barely crossed over into positive territory. Directional Movement Index shows that +DMI is above the -DMI, and +DMI is seen moving away from -DMI. On Stochastics indicator, both %K line & %D line has already stepped into the overbought zone.
Our stock recommendation for today is :
Encouraged by the stock index futures good performance, CI went up to an intraday high of 926.88 before settled at 925.13. CI is obviously moving one step closer to 930 resistance level.
930 level may look so near; but, it may also look "so far" to be broken as first round of profit taking activity is expected to roll in to curb stock index advances. Of course, CI would not just give way that easily, it would do its utmost to keep its flag flying higher.
Nevertheless, if 930 level were to be breached convincingly, CI is likely to test 940 - 945 level. Otherwise, second round of profit taking activities are believed to come into the market in a big way, which would eventually push the CI down.
For Tuesday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 927.42 & 929.71; 1st and 2nd support levels will be 922.30 & 919.47.
Chart wise : CI has to clear the 930 level before it could rise further. 930 level is believed going to pose a strong resistance to the CI.
Technical wise : MACD has just barely crossed over into positive territory. Directional Movement Index shows that +DMI is above the -DMI, and +DMI is seen moving away from -DMI. On Stochastics indicator, both %K line & %D line has already stepped into the overbought zone.
Our stock recommendation for today is :
posted by emacro @ 6:05 AM
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