03-12-13
Technical Outlook:
Daily closing at 2,643 with RSI slipping back to 62, -DI is climbing up and +DI is trending down, MACD figure at -2, combining the indicators above it is reflected that downtrend could be forming and it will be confirmed once –DI cross +DI and MACD further diverge to larger negative number and RSI drop below 60.
Last hourly closing below 20 SMA shall be deemed as breach of buying support, -DI has crossed above +DI, however ADX (currently at 25) could be key reading on how strong this correction could rally. Nonetheless, 30 minutes chart somehow show an end of correction when +DI looking forward to cross –DI and its RSI is curving up from 46 and MACD looking to converge.
Trade Recommendation:
Intraday traders are advised to short around 2,658 (its first pivot resistance point) and stop loss at 2,678 (its previous daily high), profit target shall be around 20 ticks movement which is 2,638. On the other hand, overnight traders can try to long at weakness which is around 2,630 with stop loss at 2,600 (the round figure supporting level and 20 days SMA), target profit around 2,660.
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