Support Minor, Concerns Remain. A balancing act above the 55-day average Friday’s bar despite holding onto further declines faced resistance around 22900. The next downward trigger is penetration of22300. The weekly bar on the other hand does not pose an optimistic outlook with RSI levels (64.52) also setting new lows not seen since last year June. Thus, any throw backs would face resistance around 23000 – 23300. Currently buy strategies would be short-term and intra-day only. The latter part of the week would be critical in determining any broader weakness setting in.
Posted on: Mon, 26 Aug 2013 04:39:42 +0000
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