Market Trend - Technical Analysis: Sensex Double Top Formation Target 17400. Breakout 18800 win momentum

Thursday, February 10, 2011

Sensex Double Top Formation Target 17400. Breakout 18800 win momentum - DONE

Remeber this update the last update SENSEX. 17/01/2011.

I received more requests in recent days refresh update India`s Sensex. 'BSE Sensex' or 'Bombay Stock Exchange' is value-weighted index composed of 30 stocks and was started in January 1, 1986. Can check more about BSE_Sensex or very good website provides information on India sensex bseindia.com/
Performance 2010 resume gains 2582.87 points or 20.51%.

Long-term trend remain bullish above 15900, but short-term reversal to bearish with a close below 19911.46.

November 2010 highs with bearish divergence indicadors/price and first sessions 2011, unable to break last resistance area [20526,20633] before the highs, bears win battle.

Sensex have a double top formation projection / target 17400 follow this view if sensex remain below 20025.

Bears need to close daily below 18800 ( near ema200/ trendline/ gap) to win momentum dowside first target [18000,17890].
Close daily below lower 17890 expect 17400 target double top formation, possible extension 16800. Follow bearish view short-term if sensex remain below 20025 daily chart.

Resistances: 19140, 10505, 20025 and range [20526,20633].
Suportes: 15800,16800,17890, [18315,18480] and 18800.
Next update 1/02/2011 but If I have many requests next weeks, probably will shorten the next update.
Last updates indexes see here if you trade forex you will like follow here.
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Good luck all and have a great week