The Keystone for September 21, 2010
The index on a positive note however after touching its day's high it remained range-bound to close off the session in the green, which was below the open. Volumes showed a marginal decline of 2.24% and stood at 65.05 mln. The index's formation is a filled green candlestick which suggests that the trend is waning.
The Stochastic Oscillator maintains its sell signal, which makes the formation a bearish divergence. Moreover the RSI continues to show weakness. Also on the weekly chart the MACD continues on its downtrend and maintains its sell signal.
The index is in a consolidation phase with 10,139 points being the resistance and support is placed at 9,875 points being the 200-DMA. Play the range for now.
The first support is at 10,005 points and the second support is at 9,945 points. The first resistance is at 10,133 points and the second resistance is at 10,202 points
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