CSE ASI & SL20

With both indexes finding resistance and the formation of bearish divergence on RSI, it is best to see how far both indexes will retrace down to make the higher low formations.

If the bearish momentum continues for the second day both indexes might find support around 10-Day moving averages around (9060 ASI) and (2780 SL20)

The most bullish scenario will be for both indexes to break above both resistance zones while creating inverted head and shoulder patterns.

Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.

Comment:

28/02/2023:
SL20 index took support at 10-Day moving average and Fibonacci retracement level 0.382 at 2,780 levels as expected while ASI taking support at Fibonacci retracement level 0.236 and previous higher high levels created on 03/02/2023.

It will be bullish if SL20 index can stay above Fib. retracement level 0.382 for the next trading day also.

Comment:

01-03-2023
Both indices have found support from Fibonacci retracement levels 0.382 (SL20) and 0.236 (ASI), and are now heading towards their previous higher high levels to potentially retest them. This could create an inverted head and shoulder pattern, which indicates a potential much stronger uptrend.