For the first time this month we had a four back to back positive days. The end of the month effect might be one of the factor.
However the buying was not above the threshold of 300 plus breakouts. Typically rallies of longer duration start with a breadth thrust and this one has seen weak buying in comparison.
So we continue to be stuck in range. You need more aggressive buying for a sustainable bull move. Few days of buying like yesterday can do the trick. Failure of bounce will mean back to range.
However the buying was not above the threshold of 300 plus breakouts. Typically rallies of longer duration start with a breadth thrust and this one has seen weak buying in comparison.
So we continue to be stuck in range. You need more aggressive buying for a sustainable bull move. Few days of buying like yesterday can do the trick. Failure of bounce will mean back to range.
No comments:
Post a Comment