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Market Reaches A Level That Is Excellent For Establishing Long Term Positions with Cash!!!
Market has reached an oversold level that is excellent for establishing long/medium term positions for those buying with cash. Those without margin exposure can start buying while those buying on margin should wait for the BUY signals to appear on daily charts. As the market recovers we are optimistic that a few more billionaires are likely to appear in the domestic scene as we see them collecting patiently what is being naively dumped by panic stricken small retail players. When the UNION BANK, Citrus Waskaduwa, Citrus Kalpitiya and Vallible one shares get listed before the end of this month market may recover sharply.
We were always net importers from Japan and Japanese were not importing much natural rubber from Sri Lanka. Therefore the closure of Japanese manufacturing facilities should not be an excuse for a selloff of Rubber Plantation shares.
In any case the Nikkei225(Tokyo) was up to 4.4% at the time of writing this today while most Asian markets are up today.
Union Bank excess application money shall continue to come back to the secondary market providing badly needed liquidity for a turnaround. RSI’s of ASI & MPI daily charts have now reached an absurdly low 33 & 17 and ASI has now joined the MPI in pushing the Lower Bollinger Band lower emphasizing the acute oversold condition of the market. RSI of the MPI is now below the Oversold Level (below 30 levels) and that of the ASI is nudging on the border of this region. As noted previously the RSI of the MPI is in a region that was last seen in March, 2009 when the North East war was at a critical turning point. For those who missed the opportunity on that occasion it is a rare second chance provided to latch in to the blue chip bargains still available across the board. However you are strongly advised to use cash instead of margin facilities when buying shares in a falling market.
GREAT DAYS SHALL SOON RETURN!!!
as soon as those bank guarantees are converted to cash...
