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JULY HIGHS SYNDROME.The Bulls continue to break new barriers and testing New highs as the NSE ASI closed 27,216.03 Market surged another 1.87% in total testing its July highs of 2009. In fact, the bullish strength and behavior as earlier written I am certain is repeating the same trend of 2009 rally of April-June moving from 19,000 - 30,000 points. Right now, the NSE weekly indicators has entered the overbought region but I do not think that is going to slow it down as the Market is all used to rising in the overbought region. Looking back, market weekly indicators entered the overbought region from July 2006 - May 2008 and stayed overbought and bullish until the 27th November correction. The NSE Monthly Indicators (RSI 43.55) is currently on a New High while price has not. This is a BULLISH Rally. MACD on the same time frame signalled a Positive cross-over on the 31st of March though below the Zero line, while MACD Histogram is currently above the zero line with a GREEN BUY Indicator. So far so good, the market will continue rising healthily on rising volume and I still see more upside to come, But bear in mind that Heavy Volumes are lurking in the dark for the Slaughter. Be cautious and ride the trend to 30,000 points (I HOPE).
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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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