Market MATH and Watchlist
28-April-2024
Market Momentum Anticipation and Trend by Homma:
Trend:
We continue to trend Up.
Momentum:
The momentum has constantly been increasing for the last 5-6 days and is at an oversold level. I would not be surprised to see a stall or decrease in momentum hence (EVERYTHING is CYCLICAL). Dont be surprised if you see a pullback.
Key Indices:
N500 and Microcap250 are at their previous highs of medium bases—50% of the time they find resistance in these areas (caution!).
Strong Groups:
The stronger remains strong. That is what happens most of the time during a bull market.
PSUs and PSU banks are strong and at levels that provide good Risk and reward.
Railways are back in momentum (2-3 days old).
Oil and gas is on the verge of a Big Base Breakout.
Metals remain strong.
Pharma and Health index are making lucrative big bases. Look out for big base breakout candidates soon from this space.
Watchlists:
Keep reading with a 7-day free trial
Subscribe to The Technical Take to keep reading this post and get 7 days of free access to the full post archives.