CAL Securities Technical Analysis
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CAL Securities Technical Analysis
Antonym Fri Jan 25, 2013 10:22 am
On a longer term perspective, CAL's technical interpretation of the market is positive as long as the December low of 5323 is not broken. A downtrend line dating back from September 2011 high has been broken and this is a positive development. We would like to see a close above 6000 to confirm a new wave up and further bullish momentum.
In the short term, CAL Securities' technical analysis suggests that the market has been consolidating during the past week and is trading in a tight range (5895-5860). We are currently neutral from a short term perspective.
If the market closes below 5860, then you should see selling accelerate and find the market heading down towards support at 5800/5750. Trend line support exist at 5750/5800 levels.
Conversely, if the market closes above 5900 then a target of 6000 (October highs) looks likely.
The target price for the inverted head & shoulders breakout was achieved last week at 5890. In order for us to recommend more buying, we are waiting for the 6000 levels to be taken out. In the medium term, if the market breaks below the January 8th low of 5719, the bias will shift to the bearish side and we should see 5600 levels tested.
In the short term, CAL Securities' technical analysis suggests that the market has been consolidating during the past week and is trading in a tight range (5895-5860). We are currently neutral from a short term perspective.
If the market closes below 5860, then you should see selling accelerate and find the market heading down towards support at 5800/5750. Trend line support exist at 5750/5800 levels.
Conversely, if the market closes above 5900 then a target of 6000 (October highs) looks likely.
The target price for the inverted head & shoulders breakout was achieved last week at 5890. In order for us to recommend more buying, we are waiting for the 6000 levels to be taken out. In the medium term, if the market breaks below the January 8th low of 5719, the bias will shift to the bearish side and we should see 5600 levels tested.
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