BREAKOUT OR FADEOUT

Market continued its impressive run up by 258.17 points compared to yesterdays 383.83 points to close at 27,095.20.

However, the INDEX stopped short of  its 27,183.59 resistance level without a breakout yet. Good news is that short term bullish momentum on my indicators are rising once again, which means that the 1 week of short term neutral trend could have exhausted the bears enough for the bulls to stage a breakout. However, speculations aside, we need to see the breakout actually happen before sounding the trumpets.

Activities on the sectoral level were all positive with the Banking Sector topping the most traded.

• Net Bid: UBA, First Bank, IBTC, Japaul Oil, and Skye Bank.

• The NSE Oil & Gas Sector was down by 3.60 making the top Losers table.

• Net Offer: Resort Savings & Loans, Equtiy Assurance, Universal Insurance, Multiverse, and Linkage Assurance.

So far, financial scorecards does look mixed as more and more investors are now convinced that the way ahead is especially optimistic. I am more and more convinced that the Index might do that all important pullback within 27,183 range that will identify this intermediate rally as either a secondary wave up in a primary Bear market or a real bullish rally.

Breakout or Fadeout, Tomorrows trading will experience some panic selling, while those who missed the earlier Bus will be a good time to find Good Entries.

MARKET INFO:

MARKET RESULTS 5TH MAY2010

SUPPORT & RESISTANT LEVELS

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