| Topic : Trend Analysis Of Indices |
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last activity : 07 06 2010 20:18:04 +0000
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In the BSE Sensex Daily chart the classic peak & trough progression pattern was observed. Between uptrendline 10 and uptrendline 7 rising like Pattern was observed. Fall came at the pinnacle of cross -section of the Uptrendline 7 & uptrendline 10. The rise in BSE Sensex was arrrested by a fall from 21st October 2009. From then on BSE Sensex has been falling like nine pins...All the daily candles are bearish in nature. So the Current trend in BSE Sensex can easily said to be Down.
Going Down BSE Sensex will run into few old support levels like 15500, 15168.....if the globally also weakness is pereived then BSE Sensex Free fall might continue.
Since low of 7700 in daily chart the structure was sideways. Then it started its up move....the Elections results created a history and led to a big gap up as seen in the Daily charts. As observed from the Gap-up, the Structure of the BSE Sensex is indicating Higher top & Higher bottom, a bullish structure. At every higher low is leading to higher top...., so technically the structure is bullish. This bullish structure in the Daily BSE Sensex was supported by an uptrendline 7. Currently the struture an be still called bullish .....but fast approaching structure if side-ways consolidation continues.
Momentum Indicator /Oscillator
KST-Momentum indicator
The Daily chart the KST momentum indicator gave a bearish cross over and is going down....but it is in the overbought zone. As long as KST Indicator is in overbought zone it will keep hinting at bullish undertone. The falling of KST Indicator is will give rise at gain in the downward momentum for BSE Sensex.
For More. Detail................Click here
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yes, this is the right time to buy copper, but do so with stop loss in case one takes a trade in MCX.. In case of investments and physical delivery in copper, this is the right time to buy copper and may add more on more weakness. |
Thanks all of you for such nice comments.. |
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