2005010 Technical Outlook JetFM
Technical Outlook ( 10/10/2005 ) by Jupiter Research
CI continued to move sideway as market fluctuated in a tight range between 924.68 and 927.84 before closed at 925.21. Nevertheless, the stock index was seen on the verge of breaking down the upward sloping support line. From the market action, CI apparently has come to a stage where trading opportunity was further constraint. Without a breakout from current range trading environment, market would become less appealing and traders may have to stay away from trading. For Monday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 927.14 & 929.07. 1st and 2nd support levels will be 923.98 & 922.75.
Chart wise: Despite staying quite steadily at this present level, the price actions basically showed that buying interest was simply not that keen to push the CI above 930, and whoever trying to lend a support to the stock market were deemed as "buying" time to prolong the CI from falling as the trading activities remained low. Basically, there was no new buying interest in the market. However, there was a technical indication that there were sellers starting to do a bit of selling to test the market on the downside, instead of waiting for something to happen in this directionless situation.
Technical wise: MACD line fell marginally to 1.35 (7/10/2005) from 1.42 (6/10/2005); that suggested a drop of buying interest in the index linked stock. On Directional Movement Index, +DMI was at 10, fell from 11 (6/10/2006); but, -DMI also came lower 7 (7/10/2005) from 8 (6/10/2005). ADX dropped further from 39 (6/10/2005) to 35 (7/10/2005), reflected a non trending situation. As for Stochastics, %K line remained below %D line with %K line gapped wider from %D line, that suggested a stronger down move was taking place.
Our stock recommendation for today is:
Adventur (Trading Buy) at 85.5 sen with a stop loss at 79 sen.
CI continued to move sideway as market fluctuated in a tight range between 924.68 and 927.84 before closed at 925.21. Nevertheless, the stock index was seen on the verge of breaking down the upward sloping support line. From the market action, CI apparently has come to a stage where trading opportunity was further constraint. Without a breakout from current range trading environment, market would become less appealing and traders may have to stay away from trading. For Monday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 927.14 & 929.07. 1st and 2nd support levels will be 923.98 & 922.75.
Chart wise: Despite staying quite steadily at this present level, the price actions basically showed that buying interest was simply not that keen to push the CI above 930, and whoever trying to lend a support to the stock market were deemed as "buying" time to prolong the CI from falling as the trading activities remained low. Basically, there was no new buying interest in the market. However, there was a technical indication that there were sellers starting to do a bit of selling to test the market on the downside, instead of waiting for something to happen in this directionless situation.
Technical wise: MACD line fell marginally to 1.35 (7/10/2005) from 1.42 (6/10/2005); that suggested a drop of buying interest in the index linked stock. On Directional Movement Index, +DMI was at 10, fell from 11 (6/10/2006); but, -DMI also came lower 7 (7/10/2005) from 8 (6/10/2005). ADX dropped further from 39 (6/10/2005) to 35 (7/10/2005), reflected a non trending situation. As for Stochastics, %K line remained below %D line with %K line gapped wider from %D line, that suggested a stronger down move was taking place.
Our stock recommendation for today is:
Adventur (Trading Buy) at 85.5 sen with a stop loss at 79 sen.
posted by emacro @ 7:19 PM
0 comments
0 Comments:
Post a Comment
<< Home