A SIDEWAYS DAY

The NSE ASI closed 27,424.47 down by 12.78 points in a sideways day.

Today makes it the 3rd trading day the Index will trade sideways. So far no definite direction where the market is heading, a few days of sideways days always follow significant up or down days.

From a technical view,

• Index continues to trend within its trading support of 27,000 range and resistance of 28,000 points.

• MACD signalling a Sell Signal.

• Price and RSI indicator still trending sideways (NO DIVERGENCE)

• Stocks are still trading within a 50% Fibonacci range and Support Levels, While Less than 2% stocks broke their Support Levels (CILEASING, FIRSTINLND, UBN,  WAPIC & WEMABANK).

For now the market is in an accumulation stage. If this current trend continues this week, then we expect to see a repetition of February- March rally where Index trended between 22.800-23.500 points before its breakout to 24,500 points.

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