I was out the entire day so I didn't get to monitor the market today.
The market barely moved today, gaining only 6 points against other Asian markets with an average of 1.10% gain, on a relatively higher value turnover.
Looking at the weekly chart of the index, I believe we just found support at the current levels. If, however, we drop below at the current levels, I would not be surprised to see the market to lose another 10% or so in the short term at the very least(3360 levels).
Gainers are pretty much scattered today from third liners to blue chips, led by MER +7.50%, ELI +5.56%, LND +4.97%, EEI +3.98%, NIKL +3.47, MWIDE -continued to buck the general market trend- +3.14%, PX +2.97% and RFM +2.50%.
Losers are led by the week's gainers MA -5.71%, MAB -2.86% and LC -3.33%. Majority of the losers are third liners with CMT -5.97%, VLL -3.23%, and SMPH -2.86% coming from the second and first liners.
I totally missed TEL's RSI reading yesterday as I am using a very short term settings for it. It's daily RSI reading dropped to 7.16, reaching its lowest reading in 11 years! If you are after it's dividend, it was at its safest(and cheapest too) level yesterday! My gulay. Weekly RSI reading suggest that it could still go head down a little further as its weekly lowest RSI reading is at 20.25, a mere 10 RSI points difference. But with the daily candlestick pattern is suggesting a sharp reversal already. I am just making a wild guess but I think it could gain around 10% by next week. This is a very wild prediction ha!
My hypothetical short coverings on AP and MER produced pretty good returns had I actually reversed position and went long in actual trading. That means my trading ideas do work!
NIKL finally recovered after the sell down during the week. Nickel price has decline in the world market and I am assuming that it could move sideways for the meantime. With that in mind, I would probably range trade for the mean time as I am now trying to avoid being stuck as much as possible.
Revisiting the doji setups, CYBR is now breakeven from entry point with 1.12 as a target, MBT is slightly down, MPI is unchanged but a strong close above 3.55 would suggest a further short term upswing, NIKL now up by 3% from entry while SECB is still down from entry point after opening higher right at the gap down resistance.
If you are observant enough you will see that the issues that closed higher than yesterday have a similar characteristic while the losing positions also have the common characteristic. So therefore, trading dojis with the characteristic of the winners will be traded and the losers will be scratched off the board.
Western markets are up by more than 1% tonight. Gold is still trading above 1400(1405) while Oil(WTI) has dropped below 100 again.
