This is not a pretty sight. Should we close at current levels (below 48950), next support levels only seem to be at 47000, which is very much where we started the year. We can clearly see that since the support channel broke on 9 May 2019, that the $JTopi’s momentum turned negative and still worsen every day. The Index is finding itself at extreme oversold levels according to its 14-day RSI.
Personally, over the short-term, I will wait for momentum to turn a bit. If not, I will most probably re-evaluate at around 47000 points.
Personally, over the short-term, I will wait for momentum to turn a bit. If not, I will most probably re-evaluate at around 47000 points.