Technically Speaking
South Asia Technical Analysis with Phil Smith
Monday May 19
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The main South Asia techncials website is updated
A pretty much sideways move with the 200-day Moving Average providing overhead resistance. The short-term bearish signals are turning and this looks like the end of what has been a short reaction low. The Parabolic-SAR has touched the price action which under the rules of the study signals a switch to a long position. The P-SAR has worked very well in the market of late as you can see.
The MACD will cross shortly on another upturn but frankly with the lines so close together it is not giving very good signals at the moment.
Another thing to bear in mind is the Relative Performance which as the upper chart below shows the BSE underperforming the rest of Asia quite sharply if you take the zero line from the start of this year. A lot of this has to do with the very high levels we ended last year at but it is nevertheless low.
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The Wall
all the international markets are witnessing a lacklusture trade since last 5 days and in the indian brouses a slight recovery filled the gap of a sharp fall again market is going to witness a sharpest fall in next week in my opinion market amy witness a fall which can bring market towards 4398 from there the rest of the year market can have a range bound year of 4398 to 4760