Pivot Point analyze
ASI Index values as of [10-05-2013]
Open - 6255.27
High - 6290.02
Low - 6247.79
Close - 6254.62R4 = 6,390.83
R3 = 6,348.60
R2 = 6,306.37
R1 = 6,280.50Pivot Point = 6,264.14S1 = 6,238.27
S2 = 6,221.91
S3 = 6,179.68
S4 = 6,137.45 Conclusion :
Dear all, if you stay with this post from the beginning i think now you all having a very good understanding about this indicator,so up to now we have already passed big green days as well as few bearish days. but i think now we have came to an important turning point of the ASI index. As you all know at the 6000 level we had a strong resistance. It's took more than a year to break that resistance level. Now we are staying at 52 week high ASI level.
When compare ASI Index values as of [10-05-2013], now it's trading below the pivot point & that indicates bearish sentiment
. I think this is a good time to keep your eye on the market behavior and it's activities. I will post an another analyze by using the candlestick patterns and for the moment this is only for your attention.
Now we are passing a kind of uncertain situation and RSI indicator already set to it's high levels. so, definitely there will be few red days in near future. but keep in you mind we have already passed a very strong resistance level & this will indicate further good movement of the market.
When we talking about the Monday, Next resistance level R1 is at 6,280.50. If we get across from that point it'll reach to the R2 level at 6,306.37 with difficulty. Mean, surely there will be a high selling pressure & that can drag ASI to next support level S1 at 6,238.27 or S2 levels.Note :
s1,S2 are very strong support levels and R1,R2 are much stronger resistance levels. Monthly basis market will continue this uptrend movement.
Alternative scenario is
, if market continues it's uptrend till 63.. levels then, there will be very small probability to stay market above 63.. levels withing next 2 or 3 days.
Lets hope for the best.