Chart Source: Marketwatch NSEASI
Daily chart
Market Sentiment: Actionable
Points
Long term –
Bearish Intermediate
Resistance: 31,256.16 bps
Mid-term – Neutral Support: 28,053.16 bps
Short term – Bearish
Mid-term – Neutral Support: 28,053.16 bps
Short term – Bearish
Technical Profiling:
The NSEASI
continues to trend lower at a weak price momentum. This is defined by declining
price trend and declining volume.
Price trend
still in the downward arena as the index continues to trend in between the EMA
20 and lower Bollinger band
RSI 14day
period trades flat
Technical Implication:
Downward
momentum loosing steam as the uptrend is building momentum. A trend toward key
support level 28,053 would solidify the bearish trend. On the other hand,
31,256 basis points remain is a level to breach on the upside to confirm any
bullish trend.
*Mid-accumulation phase: Bearish
forces still in place but investors methodically accumulate shares, but still
no signs of upward momentum develop. Fundamentals remain negative
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