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by arbitrageur
The All Share Price index is in a clear down trend.
IF 6600 is broken (confirmation) tomorrow, then 6540 is your horizontal support.
Below that support exists at 6450 and 6420 in the short term. These supports are trend line supports that have been drawn on the chart.
Short Term Moving averages (5 & 20) are still trending down and there seems to be no sign of the RSI giving us a buy signal. I must repeat - Even if there is a bounce in the index, that is the nature of down trending securities. They are just good for bounces until they can recapture the important moving averages. We are below the 50, 100 and 200 day moving averages.
YOU WILL NOTICE, THAT THIS CURRENT DOWNTREND BECAME MORE PROFOUND WHEN WE BROKE THE TILTED "HEAD & SHOULDERS" FORMATION IN THE MIDDLE OF JUNE. ON THE CHART THIS IS EVIDENT ON THE BREAK OF THE THINK ORANGE TREND LINE.
Market has to break 6751 levels in the short term to NULLIFY the existing downtrend.
Pls remember, broad market trends are not created by the economic conditions -- social mood is what creates them.
The All Share Price index is in a clear down trend.
IF 6600 is broken (confirmation) tomorrow, then 6540 is your horizontal support.
Below that support exists at 6450 and 6420 in the short term. These supports are trend line supports that have been drawn on the chart.
Short Term Moving averages (5 & 20) are still trending down and there seems to be no sign of the RSI giving us a buy signal. I must repeat - Even if there is a bounce in the index, that is the nature of down trending securities. They are just good for bounces until they can recapture the important moving averages. We are below the 50, 100 and 200 day moving averages.
YOU WILL NOTICE, THAT THIS CURRENT DOWNTREND BECAME MORE PROFOUND WHEN WE BROKE THE TILTED "HEAD & SHOULDERS" FORMATION IN THE MIDDLE OF JUNE. ON THE CHART THIS IS EVIDENT ON THE BREAK OF THE THINK ORANGE TREND LINE.
Market has to break 6751 levels in the short term to NULLIFY the existing downtrend.
Pls remember, broad market trends are not created by the economic conditions -- social mood is what creates them.