Share analysis
On the daily chart, strong uptrend can be seen on the latest
closing as the index rebound perfectly around support level. On the DMI
indicator, strength of the uptrend momentum seems promising as D+ and ADX lines
pointing up while D- pointing down. Failure to penetrate previous high will lead
to sideways movement. First support level is crucial in determining the strength
of the movement. The market expect to be quite towards mid-year as no
significant news will be issue.
Trading strategy
Buy on weakness is the best strategy for long term investor.
For swing trader, buy on breakout is recommended. New long can be initiate on
the breakout. Use volume, candle stick and other indicator to confirm the
breakout. Conservative investor may stay sideline as the market expected be quit
throughout the month.
Price projection
Resistance – 16,730 (previous high) 17,000 (psychological level)
Support - 16,360
(significant support level) 16,000
(major support level)
No comments:
Post a Comment