sensex forecast for next week for 3 to 7 jun 2013

sensex forecast for next week for 3 to 7 jun 2013

 

sensex daily chart technical analysis

sensex spot index on last trading session closed at 19760.ON DAILY CHART SENSEX NOW TRADING BELOW WEEK AND MONTH AVERAGES AND TRENDING TOWARDS 3 MONTH AVERAGE SUPPORT OF 19540.

SHARP CORRECTION AND BEARISH MOMENTUM CLEARLY SEEN IN LAST TRADING SESSIONS.ON CHART ON UPSIDE 19860 IS SENSEX MONTH AVERAGE AND FIRST RESISTANCE WHILE 20000 IS WEEK AVERAGE AND SECOND RESISATNCE.BELOW 3 MONTH AVERAGE WE CAN EXPECT NEXT MAJOR SUPPORTS AT 19000 AND 18800.

ON INDICATORS,SENSEX DAILY CCI IS NEGATIVE WITH BEARISH DIVERGENCE WHILE RSI IS JUST HOLDLING 50 LEVEL.

sensex weekly chart technical analysis

SENSEX SPOT INDEX THIS WEEK CLOSED WITH FLAT LOSS.THIS WEEK SENSEX HIGH WAS 20254 WHILE LOW WAS 19678.TOTAL ALMOST 600 POINTS WEEK VOLATILITY AND CLOSING NEAR LOWS.

ON WEEKLY CHART SENSEX SHOWING SIGNS OF CORRECTION AND MOMENTUM IS CLEARLY ON PROFIT BOOKING SIDE.SENSEX 6 MONTH AVERAGE IS 19260 AND FIRST SUPPORT ON CHART.BELOW THAT 18800 IS 12 MONTH AVERAGE AND 18300 IS 2 YEARS AVERAGE AND LAST SUPPORT ON CHART.

SENSEX INDICATORS ON WEEKLY CHART,SHOWS CCI IS OFF THE HIOGHS AND FORMING BEARISH DIVERGENCES?WHILE RSI IS AT 56 AND HEADING TOWARDS 50 LEVEL SUPPORT.

sensex forecast for next week for 3 to 7 jun 2013

FOR NEXT WEEK,TRADERS WATCH SENSEX 3 MONTH AVERAGE SUPPORT.OF BREAKS THEN EXPECT DEEP DOWNFALL UPTO 19000 TO 18800 ZONE BUT IF SUSTAIN THEN MAY SHOW BOUNCE BACK RALLY UPTO 20K.SO STRATEGY REMAIN WAIT AND WATCH.

FROM MEDIUM TO LONG TERM VIEW,CORRECTION RALLY MAY CONTINUE AND sensex may find support near major averages.correction rally has targets at 19200 and then 18800 if hold then might be fresh buying opportunity but currently investors must keep booking profits.

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