S&P SL20 - S&P Sri Lanka 20 Index
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
01. Index rejected from the important Resistance zone 2835-2905.
02. Ascending triangle formation didn't complete and broke the supporting trend line.
03. Index is moving below the MA 200. Mean time MA 20 has crossed the MA 50, showing some weakness.
04. The RSI needs to break upwards from the marked red line.
05. Even the the index is moving below MA 200 it created a trend support on
28-03-2023 and is keeping above it.
Below it there is another Support zone 2630-2590.
06. Once the index move above the 200 MA we can re evaluate the index.
01. Index rejected from the important Resistance zone 2835-2905.
02. Ascending triangle formation didn't complete and broke the supporting trend line.
03. Index is moving below the MA 200. Mean time MA 20 has crossed the MA 50, showing some weakness.
04. The RSI needs to break upwards from the marked red line.
05. Even the the index is moving below MA 200 it created a trend support on
28-03-2023 and is keeping above it.
Below it there is another Support zone 2630-2590.
06. Once the index move above the 200 MA we can re evaluate the index.
Comment:
Index is testing the support trend line and closed above the previous close.
Comment:
07. Index has moved above the both 100 and 200 MAs which is a good sign.
08. The trend line of the ascending triangle will act a s minor resistance. Breaking this line will put the index back into the ascending triangle and we can wait for a breakout.
08. The trend line of the ascending triangle will act a s minor resistance. Breaking this line will put the index back into the ascending triangle and we can wait for a breakout.
If this breakdown in coming days we will be looking at the Support zone
2630-2590.