sensex weekly forecast for 13 to 17 may 2013

sensex daily chart technical outlook

sensex on last trading session closed at 20,082 with gains.on daily chart sensex trend and momentum is super bullish and now trading above previous major top.

on chart,sensex weekly average is 19,900 and first support on downside.below that 19400 is month average and 19250 is 3 month average.all these are major supports and stoplosses for short term traders.on indicators sensex daily cci is +125 and off the highs while sensex daily rsi is 69 and heading towards 70 with bullish divergence.

 

sensex weekly chart technical outlook

sensex in this week closed with lofty gains.this was straight 4th week of gains for this index after touching 2 years average level.in this 4 weeks or 1 month period sensex given almost 2000+ points rally.which is 11-12% return in very short time.

on weekly chart,sensex 6month average is 19,100 and first major support on weekly chart.below that 18700 is 12 moth average and 18170 is 2 years average level and last support for sensex.on indicators sensex weekly cci is +113 and with bullish divergence while rsi is at 61.

sensex weekly forecast for 13 to 17 may 2013

for next week,sensex has upside targets at 20200 and then 20800 while on downside 19900 remain trailing stoploss for short term investors and traders.below 19900 sensex may enter correction phase.

from medium to long term view,sensex is moving towards all time high and on upside we can expect 21k to 22400 levels as targets.while in longer term 24-25k also possible targets if hold above 20k on monthly closing basis.

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Pramod Baviskar

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