Sunday, July 30, 2006

31 July 06 :Technical readings Second Board Index

Elliott Wave
Daily chart: The unfolding of its impulsive wave was terminated at 313.89. The SBI closed at 90.29 points last Friday.
Weekly chart: The market is seen to undergo a technical rebound WAVE 4 in the medium term. No significant sign of a REVERSAL from the downside yet as long as the resistance level of 300 remains intact.
Monthly chart: Likewise, it has not completed the downside cycle in the long term yet. It is unfolding a technical corrective WAVE 4.

Elliott Oscillator
The Elliott Trigger and Elliott Oscillator stayed below their respective zero regions.

Other Indicators
Its daily, weekly and monthly stochastics stayed in their respective neutral levels.

The daily, weekly and monthly fast MACDs continued to stay below their respective slow MACDs.

The readings are "neutral" for the short term and "bullish" for the medium and long terms.

Moderate readings are seen on the daily, weekly and monthly charts, suggesting that the market is unlikely to re-test the low of 78 for the long-term support.

The SBI stayed below its daily, weekly and DMA levels of 93, 93 and 94 respectively.

There were no negative divergence on its daily stochastics and Relative Strength Index to the SBI on its daily chart.

The MOB support is now at 105-110.


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