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update as on 1/07/2011
strength was maintained up to 30/06/2011.on crossing 18600 zone sensex tested strong resistance level around 19000 which is on down ward sloping trend line and sell off was seen today.movement in coming days will decide direction of market. decisive cross over of down ward trend line after some correction can be bullish otherwise more weakness to go for a new low.
hi pankaj ji, sensex has finally crossed 19k with good volumes today. do yo see this as a bullish sign or is there possiblity that we are in the resistance region and we might see some correction
ReplyDeleteDear Ravi,
ReplyDeleteinteresting query.actually this is question every body asking ? if we observe the market behaviour after making top at 21109 falls are retraced by 75 to 80%.so if we work out 80% of fall from 19811 to 17314 it works out to be 19312. 200 dma is around 19137.if we look at sensex monthly chart and connect previous tops we see resistance around 19300.i think we should focus on this area.once we cross this area decisively chances of new bullish wave count should arise.and if we really go purely by price till we cross 19811 still we are in down trend.now it sure we have to be stock specific for buying in next corrective wave.
Pankaj Shah
thank you pankaj ji for the reply. from today correction it appears that still we may be moving in same channel
ReplyDelete