Next support level

worthiness · 1 Next support level Tue Jun 25, 2013 1:51 pm

worthiness

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As LSE indicated sometimes back, next turning point is 6107.70 & the third turning point is 5934.78. Are we heading below the level of 6000 ASPI?
Experts please put forward your judgment or outlook on market.
Thx

rainmaker · 2 Re: Next support level Tue Jun 25, 2013 2:17 pm

rainmaker

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I'm no expert on pivot points ...... But the turnover on big red days is very low

The turnover on big green days is very high..... So quite a few are underwater. The extent of unrealised loss is not known

.......as an aside I just saw the LFIN disclosure of director dealings.... Nature of relevant interest: owner
So not VONE bounce

Prince · 3 Re: Next support level Tue Jun 25, 2013 2:34 pm

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Looking at the current RSI level we can expect 2 or 3 green days from tomorrow onwards. But the problem is whether the market is healthy enough to sustain it for few more days. I reckon its not going to be like that as market was brought to this level by some pump-dump activities of a few large valued stocks. (ie. JKH , NEST) Further now some foreign investors are talking about investing in Gold and Black-Gold as both are in a downward momentum. And concerns in investing in USA as USD is getting stronger and stronger.

Saying all that, my opinion is to be in sidelined as I have seen this very situation - "the life cycle of the Market" - many times in my lifetime. Whatever the macro economic situations whatever the world economic situations market will bounce back in the correct moment. If you believe me I could mange to double my portfolio within 2 months time just after I enter the market in 2002/3 (if I recall correctly) but there was a huge war going on, in the country by then.

Market always filled up with opportunities to be grabbed by. You will see those opportunities once you be able to control your emotions specially the greediness.

celtic tiger · 4 Re: Next support level Tue Jun 25, 2013 3:13 pm

celtic tiger

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Well said Prince but I have my doubt on that expected 2 or 3 green days from tomorrow.

Prince wrote:Looking at the current RSI level we can expect 2 or 3 green days from tomorrow onwards. But the problem is whether the market is healthy enough to sustain it for few more days. I reckon its not going to be like that as market was brought to this level by some pump-dump activities of a few large valued stocks. (ie. JKH , NEST) Further now some foreign investors are talking about investing in Gold and Black-Gold as both are in a downward momentum. And concerns in investing in USA as USD is getting stronger and stronger.

Saying all that, my opinion is to be in sidelined as I have seen this very situation - "the life cycle of the Market" - many times in my lifetime. Whatever the macro economic situations whatever the world economic situations market will bounce back in the correct moment. If you believe me I could mange to double my portfolio within 2 months time just after I enter the market in 2002/3 (if I recall correctly) but there was a huge war going on, in the country by then.

Market always filled up with opportunities to be grabbed by. You will see those opportunities once you be able to control your emotions specially the greediness.

Deva · 5 Re: Next support level Tue Jun 25, 2013 4:19 pm

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worthiness wrote:As LSE indicated sometimes back, next turning point is 6107.70 & the third turning point is 5934.78. Are we heading below the level of 6000 ASPI?
Experts please put forward your judgment or outlook on market.
Thx

Although we had continuous red days, volumes were not high. We could expect one or two red days prior to a steady turn around.

anges · 6 Re: Next support level Tue Jun 25, 2013 4:26 pm

anges

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I read a research report which said it will drop to around 5600 and then recover

LSE · 7 Re: Next support level Tue Jun 25, 2013 5:28 pm

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anges wrote:I read a research report which said it will drop to around 5600 and then recover

This will commit with many questions... Any way at this moment still we are not in a position to confirm it.

Note:

If ASI didn't recover withing the specific level range as i said withing my post
Then,
Current Scenario levels set to invalid state & need to do rework on it to identify the next level

http://forum.srilankaequity.com/t29145-topic

Thank You.

smallville · 8 Re: Next support level Tue Jun 25, 2013 6:34 pm

smallville

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anges wrote:I read a research report which said it will drop to around 5600 and then recover

That's a bad re-bound target.. I expect the max to be 5900. Cuz anything below that level would trigger panic Mad

sam fisher · 9 Re: Next support level Tue Jun 25, 2013 6:52 pm

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aspi 5800-5900 level next support level Embarassed

worthiness · 10 Re: Next support level Tue Jun 25, 2013 7:02 pm

worthiness

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@LSE
Readers are waiting for your rework asap as the previous one has become invalid. Whatever, it is evident over & again the slide of notable high caps determine the index movement. Continuation of selling pressure by foreigners for the reasons indicated above, would slip the market further down unless heavily supported by locals.

traderathome · 11 Re: Next support level Tue Jun 25, 2013 9:40 pm

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anges wrote:I read a research report which said it will drop to around 5600 and then recover

Hmmm I expect a 50% correction 6085.
Could be little lower.

If failed will see 5985. (61% Fib Correction)

The Drop 5600 is not in cards currently because its a long shot.
Better to go with smaller levels of corrections.
TAH

LSE · 12 Re: Next support level Wed Jun 26, 2013 11:17 am

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worthiness wrote:@LSE
Readers are waiting for your rework asap as the previous one has become invalid. Whatever, it is evident over & again the slide of notable high caps determine the index movement. Continuation of selling pressure by foreigners for the reasons indicated above, would slip the market further down unless heavily supported by locals.

@worthiness did you see anything special ... Question

This is kind of a good indication. Still my current scenario status is valid till it passe the last point.
http://forum.srilankaequity.com/t29145p25-topic#173461

Thank You.