20051007 Technical Outlook JetFM
Good Morning,
Technical Outlook ( 7/10/2005 ) by Jupiter Research
CI made another good attempt to go near 930, it reached an intraday high of 929.27 before closed at 926.25, 1.26 points lower from previous day closing of 927.51. Volume traded was 468.10 million shares. For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 929.01 & 931.77; 1st and 2nd support levels will be 923.75 & 921.25.
Chart wise: CI remained unexciting, its fluctuation merely restricted between 924.01 and 929.01. Unless the CI break out from 930 on the upside or 915 on the downside; otherwise, the market would continue to drag on within the 5 to 6 points of trading range. An analysis of the recent price actions revealed the market refused to see a falling market at this juncture, it was trying to prolong its stay between 920 and 930. On the other hand, it was also seen unwilling to add in extra positions in the stock portfolio either.
Technical wise: MACD line was slightly up to 1.42 (6/10/2005) from 1.39 (5/10/2005); that suggested that the stock market was still on the uptrend; but, the strength was not that great. On Directional Movement Index, +DMI inched down lower to 11; but -DMI went up higher to 8(6/10/2005) from 6 (5/10/2005), showing an increase in selling pressures. ADX also came down lower to 39 (6/10/2005) from 45 (5/10/2005), it basically showed that the stock market remained non-trending. As for Stochastics, %K line remained below %D line with both lines continued to slide into neutral zone now. That indicated a correction was underway.
Our stock recommendation for today is:
Caely (Trading Buy) at 55.5 sen with a stop loss at 50.5 sen
Technical Outlook ( 7/10/2005 ) by Jupiter Research
CI made another good attempt to go near 930, it reached an intraday high of 929.27 before closed at 926.25, 1.26 points lower from previous day closing of 927.51. Volume traded was 468.10 million shares. For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 929.01 & 931.77; 1st and 2nd support levels will be 923.75 & 921.25.
Chart wise: CI remained unexciting, its fluctuation merely restricted between 924.01 and 929.01. Unless the CI break out from 930 on the upside or 915 on the downside; otherwise, the market would continue to drag on within the 5 to 6 points of trading range. An analysis of the recent price actions revealed the market refused to see a falling market at this juncture, it was trying to prolong its stay between 920 and 930. On the other hand, it was also seen unwilling to add in extra positions in the stock portfolio either.
Technical wise: MACD line was slightly up to 1.42 (6/10/2005) from 1.39 (5/10/2005); that suggested that the stock market was still on the uptrend; but, the strength was not that great. On Directional Movement Index, +DMI inched down lower to 11; but -DMI went up higher to 8(6/10/2005) from 6 (5/10/2005), showing an increase in selling pressures. ADX also came down lower to 39 (6/10/2005) from 45 (5/10/2005), it basically showed that the stock market remained non-trending. As for Stochastics, %K line remained below %D line with both lines continued to slide into neutral zone now. That indicated a correction was underway.
Our stock recommendation for today is:
Caely (Trading Buy) at 55.5 sen with a stop loss at 50.5 sen
posted by emacro @ 7:27 PM
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