The index has once again created a new high last week. We are generally still on an upward trend, but expect some downward to sideways movement by next week.
Next support is near 5960 which is the 10 day Moving Average.
A rising wedge seems to be forming in the index. This is a bearish indicator, so keep an eye on other signals that may form in the coming weeks such as bearish divergence from the MACD.
TA has a flag formation, with a target price of near 1.55. As of current, the stock is now near its target price. There may still be some push left in this stock and may still reach the 1.50 to 1.55 level by this week. For those who have this stock, be prepared to get off the ride near 1.50.
NIKL (Chart: Daily Resistance: 20.65 Support: 19.20)
NIKL has been continuously rising since last week and even showed bullishness by creating a gap up on the last trading day.
A very good thing for this stock is that there is a large amount of volume supporting the upward movement. So expect the stock to rise further.
This stock is a buy, however, looking at the RSI, the stock is now very much overbought, so expect downward to sideways movement.
For those who would like to take part of the action, I would recommend buying the dips as long as the stock can keep its price above 18.50. Sell if it goes lower than 18.50
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