Turbulent days of the bourse come to an end with stability appearing on the horizon. During this time many traders had panicked and lost their cool along with their money. Because impatient trader and their money part ways very soon in the stock market. 47000 +/- 300 remained the absolute floor showing multiple bounces eventually signaling a return of bulls. Hurdle remains at pivotal resistance of 48200 +/- 100 while a double top around 49000 +/- 300 is expected. All major support and resistance levels are marked on the chart below. Looking forward the strategy remains taking advantage of the dip with a special focus on cyclicals such as cement, steel, auto and refineries.
With two public holidays during the week, market capital does not represent an accurate picture with the weekly average still closing in the red but holding well to its benchmark. We expect to see better days ahead.