Support: 5825.48 / 5700.00
Resistance: 6000.00 / 6167.00
The local bourse managed to reverse the early morning bloodbath yesterday, ending the day +74.78 points higher at 5,942.66 after reaching a low of 5,825.48.
The sudden spike in buying pressure towards the latter half of the session pushed all indicators into buy signs. This brings the next resistance back to 6,000, now also its 100-d MA.
With the index closing at a hammer, it looks like the upside may carry over into today. Expect some challenges to 6k once trading starts later, but a sustained position above that level looks unlikely.
All indices closed in the green yesterday with Mining/Oil (+205.24 pts) leading the charge.