Support: 6018.33 / 5800.00

Resistance: 6167.13 / 6200.00

For local bourse, this week proved productive as the breakout crossed the two main resistance levels (6,000.00 and 6,100.00). Yesterday, the index closed at 6,112.71, up by more than 1 percent, and currently trading above 100d MA.

As far as the indicators are concerned, all of them seem to be on stronger buy signs. For MACD signal lines, the histogram is rising. RSI is also in the buying section where only a few points can lead to an overbought region. However, DMIs show a reduction in momentum. 

Upward momentum might carry over as the index has not yet reached the overbought section. In addition, it is important to stay alert for the resistance level  6,167.13. To reach the upper bound, we can face some pullbacks.

Recommendation

Take profits.

LEAVE A REPLY

Please enter your comment!
Please enter your name here