Sensex and Dow Jones Technical View
Sensex Technical View:The
level of 8500 on closing seems to be in danger now as Sensex has dipped
below the 8600-8640 level which was holding in the last few dips as
seen in the chart.
On
a sustained closing basis 8500 remains important. On the short term
8300/7700 are immediate supports once it starts sustaining below 8600.
Will look into long term charts in the coming posts.
In
the last few major sell-offs the volumes were heavier in the index and
index heavies but we are not seeing such volumes this time around. Also
the price action would be bigger ( %terms ) and in smaller amount of
time. This indicates the drift could be slower towards the lower zones
till we dont see above observations being met.
Dow Jones :
In the last update
had discussed that a break below 7750 would test the low of 7400 and
odd and the next level is around 6700-6900 which is the downwards
sloping channel. There should be some recovery from 6700-6800 or little
lower then that back to 7k-7.4k roughly.
On
the long term charts sustaining below 6400 there are no meaningful
supports technically. The index has lost quite a bit in the last few
weeks so bounce is highly probable from the supports.
Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com , meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
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