We anticipated a weakness at $224 (recent top is $238.5). As against target of $180-$174 (ref review dated 11th Aug) the index achieved $185.
Last week, we had seen some positive efforts, after breaking above the falling parallel channel, with a sharp trading bounce from $187-$185 area. However as anticipated, the rally fizzed out exactly near $198.
After a sever damage, the index is likely to stabilise, here, within the $180-$185 range. So we could expect a range trading, in the near term, within the tight band, before making serious “recovery” attempts, once again, above $198-$200 area (critical area).
August 25, 2008
Expect base formation near $180-$185
Dow AIG (Commodity) $192.86 Negative <>
We anticipated a weakness at $224 (recent top is $238.5). As against target of $180-$174 (ref review dated 11th Aug) the index achieved $185.
Last week, we had seen some positive efforts, after breaking above the falling parallel channel, with a sharp trading bounce from $187-$185 area. However as anticipated, the rally fizzed out exactly near $198.
After a sever damage, the index is likely to stabilise, here, within the $180-$185 range. So we could expect a range trading, in the near term, within the tight band, before making serious “recovery” attempts, once again, above $198-$200 area (critical area).
We anticipated a weakness at $224 (recent top is $238.5). As against target of $180-$174 (ref review dated 11th Aug) the index achieved $185.
Last week, we had seen some positive efforts, after breaking above the falling parallel channel, with a sharp trading bounce from $187-$185 area. However as anticipated, the rally fizzed out exactly near $198.
After a sever damage, the index is likely to stabilise, here, within the $180-$185 range. So we could expect a range trading, in the near term, within the tight band, before making serious “recovery” attempts, once again, above $198-$200 area (critical area).
