Sensex 8500 on closing basis is IMPORTANT.
Sensex closing charts:
In
the classical form of analysis by Charles Dow the preference was given
to closing charts to reduce the spikes and noise but that leads to late
signals. So now we have already been early into the selling part lets
have a look on closing charts.
Sensex
has not closed below 8450-8500 on downside and 10500-10700 on upside in
the last few months. Sustained closing below those levels for a few
sessions could lead to much more selling pressure.
Out
in the triangle if we take it to be a closing based triangle then 8500
becomes a crucial point. But yes we still remain in a triangle
breakdown on daily charts.
Sensex Technical View :
Sensex
makes a low of 8762 very close to the trendline support of 8750 odd.
Next support is around 8630 sustaining below which surely mean a
breakdown and possible retest of 7700 -8300 also. Continue to remain on
the short side but can expect some mild recovery if we dont close below
8500 in this week.
Regards,
Nooresh
noorrock2002@gmail.com meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
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