Market MATH and Watchlist
1-May-2024
Market Momentum Anticipation and Trend by Homma:
As technical traders, We
“Anticipate, but confirm.
Wish, but only react.”
(Never forget)
Trend:
We continue to trend Up. But might be running toward the overbought levels.
the 20-day trend shows a lower high which is concerning in the short term.
Momentum:
The momentum after rising constantly for the last 5-6 days is at a previous 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 has run up to its ever-respected rising trendline resistance.
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.
Auto and Energy look to get stronger.
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.