Market turnaround -Technical Signals witnessed!!

tubal wrote:Supun, et al, the point I am trying to raise is that both Technical analysis and Fundamental analysis in this market is equally useful (or useless take your pick).

chamith wrote:[You must be registered and logged in to see this image.]
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According to my MACD analysis on ASI, its about to cross the line. SO hopefully we can expect the line to be crossed in couple of days. According to stochastic Oscillator clearly ASI have come up from over sold region. But its trend has been disturbed in last couple of days. So to be optimistic we can call it due to WAPO and some credit clearing issued caused that.

As a conclusion i feel that ASI is on the fence, with more advantage for upside movement. Next couple of days will bring us the initiation indicators of the movement. Hopefully should be green due to ; End of March credit clearing, UBC commencement, Most of the investors feel optimistic these days.

gann wrote:As I have mentioned in the previous posts in this thread, ASI was showing an accumulation setup after 18th of march. (ie: more sideways movement). so stay tuned for the next couple of days.

tubal wrote:

gann wrote:As I have mentioned in the previous posts in this thread, ASI was showing an accumulation setup after 18th of march. (ie: more sideways movement). so stay tuned for the next couple of days.

not very usefull when the ASI follows a script written by someone instead of reacting to investor sentiment.

gann wrote:[You must be registered and logged in to see this image.]


if asi breaks below 7200, i expect it to drop to next support of 7150. for a trend change confirmation asi needs to break above the top resistance line(Magenta).

gann wrote:@tubal
we still have to look at the trend. I am only studying the current trend. what causes that trend maybe manipulation. no one knows. but the resultant of the prevailing trend is
what i am interested. aslso i have updated the chart.

gann wrote:
True..But so far ASI has been respecting S/R levels. There maybe multiple forces operating having opposite actions and the effect is nullified

Quibit wrote:

gann wrote:
True..But so far ASI has been respecting S/R levels. There maybe multiple forces operating having opposite actions and the effect is nullified

Yes Gann! watching the market and technicals very very carefully. It should turn one of these days. Fundamentals of the country haven't change much during last 6 months but the market yet to head north!! making fundamentalist confused!

I was a strong believer of Fundamental Analysis against all odds. But a recent study of the technical analysis have given me a different perspective to the market and proved to be accurate in many instances. So I believe, Technical Analysis as a another power tool that helps you to evaluate market behavior and to make right decisions.

Gann, Thank you very much for your support!!