Market MATH & Watchlist

Jul 28, 2024

∙ Paid

MATH: Momentum Anticipation and Trend by Homma:

Link to the last MATH article: Click the link

As technical traders, We

“Anticipate, but confirm. Wish, but only react.”

Trend:

Markets on an Uptrend.

After bottoming on the 23rd (budget day), confirmation was in the next day.

But the strength had started to come even before.

Momentum:

Momentum is trending up and positive now.

N50:

Around all-time highs.

N500:

same as N50.

Net4% Movers:

Very bullish.

Hit a low of -20 on the budget day low and recovered to positive territory on the same day.

Has printed very bullish numbers for the next 3 days.

The regime has shifted back to bullish again.

As indices are at previous highs, I would not be surprised if we encounter some supply.

Hence a minor pullback.

Although I anticipate it would look like consolidations or inside bars, we should scale new highs soon.

Strongest (short term and medium term):

The following groups were the strongest last week:

Telecom-Textiles-Pharma-oils

Recycling-packaged meat- aquaculture- glass-solar panel manufacturers

Autos broke out from a medium-sized base.

In addition to these, the following group looks to start an Uptrend soon from stage 1 bases:

Specialty chemicals

Textiles

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