Following up from our previous update, index performed better than our expectation and after some see-saw on Monday, it shot up with a strong uptrend. Strong support within the pivot zone is also honored inline with our prediction. However, the momentum was lost in the wake of the continued downpour which caused city-wide urban floods with large scale infrastructure failure and communications shut down. When impact was highly visible on the last trading day of the week, then index remained narrowly range-bound with the last trading day remaining indecisive and closing slightly negative.
Looking forward, we may see some struggling to reach the third major resistance of 41900 +/- 200, and then onwards it shall be a breakout for channel top. Keeping fingers crossed, happy trading! Previous resistance of 40700 +/- 200 shall act as support during any corrective downtrend with the possibility open to re-test its pivot upper boundary at 40000 points.
Simple & Clear.ReplyDelete