ASI
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The ASI continues to hold above the 10-day moving average (DMA) and the support zone ranging from 10800 to 10875.
The upcoming challenge lies at the resistance level of 10960-11120, where the index is expected to encounter the DMA 50. This zone presents a formidable barrier and should be regarded as a robust resistance level.
However, buoyed by positive Q results and the 2024 budget proposal, there is a potential for the index to breach this resistance zone effortlessly. Caution is advised, and close monitoring of the situation is crucial.
Analyzing the Relative Strength Index (RSI) indicator reveals a recent break below Trendline #3, followed by a descent. The RSI is now poised for an upward breakthrough, and if successful, it could signal a strong upward movement toward Trendline #4. Vigilance in observing these technical indicators is paramount.