Dip buyers at work | stockbee


Dip buyers at work

Dip buyers wasted no time, an aggressive dip buy program quickly reversed market weakness yesterday. The dip buying trade petered out for rest of the day.

This is evolving in to sideways correction. As you can see in the table below, the longer term momentum is still holding up well, but short term momentum has dipped. What it tells you is number of stocks are having pullback/consolidation on shorter 20 day time frame.

We need to see a breadth thrust to start new up leg. High volume selling can change this picture. So far we have not seen much distribution. 

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