LACKING MOMENTUM
The market continued to increase but encountered resistance at the MA(20) area, the 1,325 point area, and cooled down. Liquidity increased compared to the previous session, indicating that supply at the resistance area remained quite significant and continued to exert pressure on the market, especially with persistent net selling pressure from Foreign Investors.The cautious signals ahead of the MA(20) area show that the market is in a state of probing supply and demand within the 1,305 – 1,325 point area after recent weak performance. Downward pressure may continue in the next trading session, but it is anticipated that the market will find support on pullbacks to the 1,305 – 1,310 point area and recover to maintain the current supply and demand probing process.
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