The local bourse closed 18.77 pts. (+0.27%) higher to 6,952.88 despite the mostly bearish signals, pushed up by the month- and quarter-end window dressing. The majority of the sectors also ended higher, but the Properties (-0.79%) and Financials (-0.47%) sectors bucked the trend. The Industrials (+2.19%) and Mining/Oil (+2.16%) sectors led the gainers yesterday.The indicators are currently mixed, but the DMIs and MACD are showing some bearishness. Only the RSI is in the buying territories, but it’s showing signs of plateauing. Note that the 50-d and 100-d moving averages staged a golden cross yesterday. Given the predominantly bearish signals, the index would likely move sideways by the end of the week. It would be limited by the 6,981.05 level in the near term.
Trade the range
Support: 6,877.30 / 6,782.55
Resistance: 6,981.05 / 7,000.00