Halo all. i had done some analysis sometime back calling for the index to touch the 2700 mark after breaking the psychological 3000 mark , but that wasn't to be . the bulls even with light volume witnessed have heavy defended that level and now seem to have taken control of the index . rallies with weak volume are nothing to cheer about but all the same technical analysis has to be obeyed.
Now its only right we become bulls and buy on dips anticipating rallies.
until the index shows otherwise thats the strategy to use .
the chart below ( year chart) shows the steep uptrend but the index is hesitant on breaking the 3500 mark. its quite a tough resistance because price has very many times bounced of that level quit violently .
should the price retrace i will want to see the blue line hold the index for another push up to test that level and now break it .assuming we have bottomed from the 3078 lows .
Most definitely if the price comes down to point labeled C i will be buying
Here's the chart
Happy trading