Support: 6612.62 / 6500.00
Resistance: 6844.94 / 6940.20
After a substantial one-day breakdown on Monday that pushed the index below its 100-d MA, prices eased and settled +9.91% (+0.15%) higher to 6,766.83. The sectors were mostly in the green, except for the Properties (-0.79%), but the market breadth was bearish. Decliners outpaced advancers, 131-83.
Despite the market’s behavior over the past two days, though the indicators are still mixed with some bearish bias. The RSI plateaued in the selling territories. Moreover, the DMIs are showing increasing selling pressure. Only the MACD is on neutral with flat histograms.
Meanwhile, the local bourse is now nearing its YTD low of 6,612.62.
Buy when support holds.