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HUGE REBOUND!!The NSE ASI made an impressive rebound today off its 15 DMA by 272.46 points. Today's rally saw the BULLS recover lost grounds fast wiping out August 1st & 2nd downward rally. Currently, The Index is now at at the top of JUNE'S HIGH making a healthy rebound and the bullish divergence on the RSI 50. I would see the Index challenging its 100DMA line of 25,900 level once again if it breaks a 50% Fibonacci level of 25,723 points. NB: The NSE ASI failed to break the 100DMA resistance level last weeks ago, leading to a dangerous drop and if it fails again this time round, we could see the INDEX make another tumble. However, with the RSI New High recorded last week and as Long as it stays above (RSI) 50 I have no doubt that this is not a BULL TRAP but the early phase of the INDEX resuming the previous intermediate bull trend. For now, the Market remains in a short term bull trend, intermediate term neutral trend and primary bull trend.
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This commentary is not
a recommendation to buy or sell, but rather a guideline to
interpreting the specified indicators. This information should only
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