sensex weekly forecast report
sensex daily chart analysis
sensex spot on last trading session closed at 19242 with loss.on above chart we can see sensex closed below weekly average of 19350 while just closed above monthly average of 19190.below that next major support will be 18790 which is 3 month average.
sensex short term trend and still up but momentum now totally in hands of bears.below 19190 fall will get accentuated.
sensex weekly chart analysis
sensex this week closed with loss and this was 2nd weekly loss for Indian index.sensex still under performer as compared to nifty and showing more weakness signs of chart.
sensex weekly rsi and cci both now turned down with bearish divergence and sell signals.which suggest sensex may continues its downside journey atleast next 2-3 weeks?
sensex major average are in range of 17600 to 18370.
sensex monthly chart analysis
sensex spot on monthly chart shows that december now turned negative.
on chart sensex 52 weeks average is 18100 and below that 2 years average now at 17340.sensex monthly cci and rsi indicators at sell signal but not confirmed yet.in worst conditions,18100 targets are possible.
sensex still outperformer in Asian markets and running with 24% return till date.
sensex weekly outlook for 24 to 28 december 2012
short term traders must hold short view and hold short positions in sensex.fresh short accumulation zone is 19360 to 19450 with stoploss above 19600 and expect 18800 to 18500 as target levels.
for medium term traders those having shorts in sensex they can hold that for revised target of 18725.on upside stoploss level is above 19532.reversal happen only if sensex sustain above 19550 for atleast 3 sessions.if happen then long side target will be 20400.
long term investors must book profit in some positions and keep cash in hand to enter long on lower levels or near supports.