Sensex weekly forecast report
sensex spot on last trading session closed at 19784 with gains.on daily chart sensex trading above all short term averages means bullish trend.
on chart,sensex weekly support is 19655 then monthly support at 19377 while in last 3 month support level is 18955.all these levels are fresh entry zones fro short term traders.
on indicators side,sensex daily rsi is at 69 with bullish divergence.macd is +182 with bullish crossover while cci is +163 with bullish divergence but seems overbought.
on above 3 month chart sensex closed near high means market is hands of bulls and strategy will buy on dips.on upside next short term targets are at 19925 and then 20240 while on downside 19680 is support on closing basis.
if slips below 19680 on closing basis then must exit from all longs.
Sensex weekly chart analysis
sensex on weekly chart second positive closing with gains of almost 2% in this week.after consolidation sensex given breakout and trending higher.
as trading above all medium and long term averages,trend is bullish.sensex 6 month average is 18546 and then 12 month average is 18068.in last 17694 is 2 years average.
on indicators side,sensex weekly rsi is 70 with bullish divergence.macd still holding buy signal of 17000 while cci given fresh reversal with bullish divergence.
for medium to long term sensex targets comes at 20450 and 21265 if hold support of 19800.below 19800 correction may triggers.
Sensex monthly chart analysis
on monthly chart,sensex closed in green for first week of jan and 2013.trend and momentum both bullish and technically look like rally will continue.
sensex major 5 years average is 16270 for now.on indicators side sensex monthly rsi,cci and macd all 3 still bullish only cci look like overbought zone.
Sensex 1 year performance in Asia
sensex still outperforming in Asia and after nifty and now nikkei leader in gains.this shows FII pumping huge money in markets and upcoming time may continue to do so.
Sensex weekly outlook for 7 to 11 jan 2013
sensex from short term view remain buy.above support of 19680 hold longs for targets of 19925 and 20238.if slips below 19680 then correction upto 19400-19300 is possible.
medium to long term traders and investors hold longs with weekly closing basis stoploss of 19800 and expect 20450 and then 21265.