-fcpo very boring day, stuck in a small range and negative bias amid outside bearish environment, hampering bulls hope to crossover 7SMA after yesterday’s strong bounce. Bears did not do much damage either, Apr stuck within 2450-2490 neutral range.
-short covering this week prevented a break below 2400 as the market has already fallen like 10% so far this mth. Yet, the mkt fails to create positive technical signals –at least above 7SMA. – to entice bulls into a consolidation mode.
-trend wise very much a bear mkt…maybe slow slide with profit take in between and eventually target 2330++ by end of Feb.
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