The market’s movement is turning to be difficult to follow, let alone to predict – especially of its supposed recent breakout.
Resistance can just be “a single price point such as the high of the day, or hourly high .” It can be also a zone as in the market’s earlier named support-resistance zone of 6,400 to 6,600 or the presently claimed support-resistance zone of 6,600 to 6,800. Considering that the market is the subject of our present analysis, it has been trading above its newly established 6,600 support level or conversely as the market’s previous resistance level. This makes the market to be technically moving above the breakout level.
When the market was forced to close on its session’s low of 6,628.64 on Thursday, May 18, it rallied the following day, Friday, May 19, and closed higher at its session high of 6,664.55. The market lost further ground on Tuesday, May 23. It closed lower by a hair from the support level of 6,600. To be precise it closed at 6,603,56, down 17,27 points or 0.26%. Total volume was again high at 1.16bn shares accompanied by a moderate total value turnover of P6.04bn.
This enabled the market to stay safe from certain reversal. It made a net gain for the day of 12.39 points or 0.18%. Total volume, on the other hand, was only 750 million shares and total value turnover was very low at P3.80bn. Foreign investors helped save the day. They turned net buyers and maintained a net presence equivalent to 45.0% of total market transactions. It seems the market made multiple attempts to go higher in the past several weeks since April 28.
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