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Technical Analytical Outlook
Market Decline Continues Unabated Bringing Indices To The Door Step Of The Oversold Region!!!
Market decline continued with no respite as the movement away from index influencing blue chips and mid caps and the shift towards lucrative hot stocks went on as the new week dawned. Monday too popular ‘penny stocks’ trading was the only dominant feature with the exception of the debut of Expo Lanka share which received a rather lukewarm reception as expected. PMB, ECL, BLUE, PAP and CLND continued to contribute significantly to the day’s turnover which was boosted anyway by the entry of EXPO. All popular shares are with strong Parabolic SAR and MACD BUY signals with the exception of CLND where a consolidation is taking place. (pl. see the attached ‘Hot Stocks’ charts for today). In the absence of any significant company specific news or economic news expected in the market popular stock playing may continue at the market during the rest of the week as well. RSI’s of ASI & MPI daily charts are at 32 & 33!!! ASI and the MPI which have been edging sideways since last September are now declining gradually. RSI’s of the ASI and the MPI which were very much in the Neutral Region (between30 and 70) is now nudging on the oversold area. TA Signals Summary list has been improved with the addition of new securities. It now comes in two sheets and will soon cove r the entire market (all shares and warrants).
Market Decline Continues Unabated Bringing Indices To The Door Step Of The Oversold Region!!!
Market decline continued with no respite as the movement away from index influencing blue chips and mid caps and the shift towards lucrative hot stocks went on as the new week dawned. Monday too popular ‘penny stocks’ trading was the only dominant feature with the exception of the debut of Expo Lanka share which received a rather lukewarm reception as expected. PMB, ECL, BLUE, PAP and CLND continued to contribute significantly to the day’s turnover which was boosted anyway by the entry of EXPO. All popular shares are with strong Parabolic SAR and MACD BUY signals with the exception of CLND where a consolidation is taking place. (pl. see the attached ‘Hot Stocks’ charts for today). In the absence of any significant company specific news or economic news expected in the market popular stock playing may continue at the market during the rest of the week as well. RSI’s of ASI & MPI daily charts are at 32 & 33!!! ASI and the MPI which have been edging sideways since last September are now declining gradually. RSI’s of the ASI and the MPI which were very much in the Neutral Region (between30 and 70) is now nudging on the oversold area. TA Signals Summary list has been improved with the addition of new securities. It now comes in two sheets and will soon cove r the entire market (all shares and warrants).
