today sensex has made price wise positive set up ,higher bottom higher top formation is there. after making a low of 15810 on 18/05/2012 reversal was seen , high of 16367 was seen and after that low of 15847 was seen and today we have crossed 16367 and closed above that. long posiotions must be kept with stop loss of 15847. if we sustain up trend next resistance area comes around 16800-17000.
after making a low at 15748 we have seen a good reversal and we closed today at 16718 , intra day high was 16767 also. we have reached closer to upper trend line of down ward channel. more over we are closer to 200 dma at 16784.5 day rsi getting over bought. we may see some correction of fast rise from 15748.
zone of 16800/1700 giving good resistance.today spinning top is formed.closed above 200dma for second day.global and domestic events in coming days will decide further direction of market. we must be careful and light in positions at this juncture.
today sensex has made price wise positive set up ,higher bottom higher top formation is there.
ReplyDeleteafter making a low of 15810 on 18/05/2012 reversal was seen , high of 16367 was seen and after that low of 15847 was seen and today we have crossed 16367 and closed above that.
long posiotions must be kept with stop loss of 15847.
if we sustain up trend next resistance area comes around 16800-17000.
below 15847 bullish pattern will be negated...........
ReplyDeleteafter making a low at 15748 we have seen a good reversal and we closed today at 16718 , intra day high was 16767 also.
ReplyDeletewe have reached closer to upper trend line of down ward channel. more over we are closer to 200 dma at 16784.5 day rsi getting over bought. we may see some correction of fast rise from 15748.
zone of 16800/1700 giving good resistance.today spinning top is formed.closed above 200dma for second day.global and domestic events in coming days will decide further direction of market. we must be careful and light in positions at this juncture.
ReplyDeletemarket cld not go up today . closed below low of spinning top low of 16792......, intermediate top made yesterday at spinning top at 16944.
ReplyDelete