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Friday, April 3, 2020

Week 14-2020 Closing Notes

Continuing its momentum from the previous day, the index has maintained its bullish wave and closed another day with significant gains. It is now trading in a moderately bullish territory - a pre-accumulation phase before another breakout may happen. Next resistance falls in the range of 32400-33600 +/- 100 which must break and close above this range to continue the bullish trend. Failing to meet this benchmark can lead to a trend reversal. 

WoW basis, average market capitalization posted its first positive weekly closing after several weeks of losing streak. This represents a significant return of investor confidence into the market supported by very attractive valuations. 

Looking forward, we reinstate our advice to trade cautiously due to economic uncertainty and instability caused by COVID-19 pandemic and remain vigilant for profit-taking. 

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