WIDESPREAD RECOVERY
The market showed a fairly quick recovery after the oversold status at the 1,630 point area. Liquidity increased compared to the previous session, indicating that supportive cash flow is increasing and gradually absorbing supply after the market's rather sharp decline.The current recovery signal shows that the MA(100) area is still a crucial support zone for the market in the short term. However, the quick recovery action has also brought the market close to the 1,700 point resistance area, which is also the MA(20) area, and it is expected that this area will stimulate supply and may cause downward pressure on the market.
The market may need more time to retest the supportive and lifting ability of the MA(100) line in the near future before clearer signals emerge.
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