CI may test the 980 resistance this week

At 10.30 a.m. this morning, the Ci is again at the 973 level, matching the high achieved on Oct 9. Gainers out-number losers 272 to 159. Volume traded is 238 million units.

The market looks like it can go higher still. The next resistance is at 980, given by the consolidation pattern in which the CI is trapped for the past 3 years. As such, the 980 resistance is a very strong resistance, which may not be overcome on first attempt. A break of this resistance will however see the market scaling heights that many market players have long given up on.

















Chart: CI's weekly chart as at Oct 11