bovespa index forecast for may 2013

bovespa index forecast for may 2013

bovespa index in last trading session closed at 56275 with gains.on daily chart index was in downtrend and made lows near 52500 but now trend is given bullish breakout while momentum side recovery now covert in bull run.

on chart,bovespa index 3 month average was 56200 and first major support from short term view.below that 55650 is weekly average and 55200 is month average and both these also remain as support zones on downside.on upside last tops of 57500 and 59000 will act as resistances.all major indicators triggered buy call for short term for bovespa index.

for month of may 2013,bovespa index above 55100 remain as buy and on upside 57800 will be first target while 59600 will be second one.if slips below 55100 then must exit all longs and take short view for 53200 and 50500.

on weekly chart,bovespa index given triangular breakout and which has target at 61870 for next 24-30 weeks time frame.on downside 56000 will remain support as well as stoploss for investment on closing basis.

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Pramod Baviskar

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