S&P SL20 - S&P Sri Lanka 20 IndexCSELK:S&PSL20
This chart and analysis are not financial advice. Do your own research before trading or investing.
On the weekly chart, the Index closed with a bullish "Hammer Candlestick," signaling a potential bullish reversal, even though it closed within the 3032-3075 range.
The weekly RSI indicator maintains its integrity, respecting the supporting trendline.
Shifting to the daily chart, a robust green candle almost wiped out three days of index point losses. It shattered the 10-day moving average (DMA) during this upward surge, initially honoring the 2890-2945 support zone and ending within the 3032-3075 range.
The next obstacle is the immediate resistance at R TL #1. Subsequently, the index's behavior within the 3125-3146 range, which coincides with the DMA 10, will be crucial to watch.
In the daily RSI indicator, the index found support from the trendline, with the immediate challenge being the breach of the short-term R TL.
S&PSL20 trade ideas
S&P SL20 - S&P Sri Lanka 20 IndexCSELK:S&PSL20
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 any stock exchanges, Indices, Stocks, Forex, Crypto etc.
S&P on 11/05/2023
01. After bouncing from the support zone index is now moving with in the resistance zone.
02. This resistance zone is also within the golden pocket. Holding or maintaining above this zone is important.
S&P SL20 - S&P Sri Lanka 20 IndexCSELK:S&PSL20
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 any stock exchanges, Indices, Stocks, Forex, Crypto etc.
S&P on 08/05/2023
01. Index made 3 green candles for the last 3 trading days, and closed with in the resistance line.
02. RSI closed above the OB zone and moving towards the resistance trendline.
S&P SL20 - S&P Sri Lanka 20 IndexCSELK:S&PSL20
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 any stock exchanges, Indices, Stocks, Forex, Crypto etc.
S&P SL20 - S&P Sri Lanka 20 IndexDisclaimer: 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 any stock exchanges, Indices, Stocks, Forex, Crypto etc.
CSELK:S&PSL20
S&P SL20 - S&P Sri Lanka 20 IndexDisclaimer: 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.
Index has moved above the both 100 and 200 MAs which is a good sign.
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.
S&P SL20 - S&P Sri Lanka 20 IndexDisclaimer: 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.
S&P SL20 - S&P Sri Lanka 20 IndexDisclaimer: 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.
Index is testing the support trend line and closed above the previous close.
The MA 20 is declining towards the rest of the MAs.
Further more if it keeps the supporting trend line intact there will be some hope for the index
S&P SL20 - S&P Sri Lanka 20 IndexDisclaimer: 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.
Index closed below the previous close where it took the support from the trend line.
If this breakdown in coming days we will be looking at the Support zone
2630-2590.
CSE ASI & SL20 | A Bullish Frenzy!The CSE (Colombo Stock Exchange) appears to have a promising future as both indices have broken above the rising wedge and ascending triangle patterns in which they were consolidating for several months. Furthermore, inverted head and shoulder patterns have formed within these patterns.
According to the targets obtained from the inverted head and shoulder patterns, the ASI (All Share Price Index) is expected to reach 10,135 levels at Fibonacci retracement of 0.382, and the S&P SL20 should reach 3,128 levels at its Fibonacci retracement of 0.382.
Similarly, based on the targets derived from the rising wedge and ascending triangle patterns, the ASI is expected to reach around 10,550 levels at Fibonacci retracement of 0.618, and the S&P SL20 should reach 3,400 levels at Fibonacci retracement of 3 and 3.272.
However, there is a possibility that both indices may face some resistance for a short while around Fibonacci retracement of 1.618 at 9,837 and 3,032 levels for ASI and SL20, respectively.
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 any stock.
CSE ASI & SL20 | Inverted H&SAfter finding support from Fibonacci retracement levels 0.382 (SL20) and 0.236 (ASI), both indices are now heading towards their previous higher high levels to potentially retest them. This could create inverted head and shoulder patterns, where a breakout above neckline (9,415 ASI and (2875 SL20) leading to a potential much stronger uptrend.
Although there is a bearish divergence on the Relative Strength Index (RSI) on the All Share Index, and the S&P SL 20 being at the trendline resistance, an invalidation of the divergence and a break of the trendline on both RSI indicators is expected with a strong bullish move in the next trading day.
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.
