The Bears Get Possession Short-Term: After an in vain attempt to regain momentum, the bulls retreated yesterday. Expect near-term pressure building towards 29,565 and 29,349 — 29,284 levels with immediate resistance around 30,082 — 30,242 levels seen neutralizing any recovery attempt. Sell on strength! General Outlook: Despite a deep and steep recovery beyond the 78.6% retracement of Wave A (impulsive fall from 30,639 to 27,354 level) at 29,936 level, market has failed to push 14-day RSI into bull market readings with a negative divergence maintained on hourly chart. In the process, three gaps were left within 29,349 — 29,284, 28,620 — 28,577 and 28179 — 27,866 levels raising suspicion over sustainability of short-term bullishness. If market is still in an intermediate zigzag corrective phase, then it should not cross last high of 30,639 level where a fall below 29,435 — 29,349 levels would transpire sharp fall in wave C (minimum 1,255 to 3,285 points) to complete the Zigzag structure. 13-day Leaders: ATLH, INIL, PCAL, SHFA, ARPL, ISL, GLAXO, INDU, ARM & THALL 13-day Laggards: PAKT, KEL, OGDC, CHCC, POL, MLCF, FML, AHCL, HMB & PTC
Posted on: Fri, 26 Sep 2014 04:30:19 +0000
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