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Drbukkabwoi

CSE - ASI 21/5/23Market has been dull and showing bare minimum turnover for past couple of weeks. Indicating minimal interest of the investors. Usually happens when market bottoming out. Technically lower trendline is where money lies. Quick touch there should bounce it at the support zone 8550 ~ 8520 roughly, with a possibility of making a RSI divergence. Keep good eye on RSI trendline for a possible breakout. DDR/DDO would play a major role as the trigger for next move in price action. Holding the trendline from previous lows will be crucial for bulls. Below that we might see further pullback/correction/ or more.. NOT an IA
CSELK:ASI
by DrBukkabwoi
CSE ASI 5/2/2023ASI got a colossal 271 points drop today almost triggering circuit breakers today in bourse! This was the biggest single day drop ever since last year October 11th. As expected from losing rising wedge trendline support market was showing diminished strength even though most of the fundamentals are coming in to place. What to expect * I strongly believe market should bounce hard from 8430-8500 levels. given the long standing trendline support lying there. Pros. * Market is properly oversold, green RSI region has only being pierced once in recent history. Covid era * Fundamentals are flipping * Interest rates are gradually coming down * 0.5 Fib level * Possible double bottom with a good support zone (marked in green) Cons. * DDR uncertainty. * Dollar earning counters are at slight risk due to rupee appreciation * Risk of losing dark green trendline. (further downtrend can be expected, though unlikely, there is a possibility Not IA. just observations..
CSELK:ASILong
by DrBukkabwoi