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Weekly Review for the Week April 20th – 25th April 2009

This article was posted on Apr 19, 2009 and is filed under Market Outlook

We said ‘Technically the trend is still intact up and our target of 11295 still stands valid with some hiccups on the way up as the upside momentum seems to have reduced and indictors are in stretched mode nevertheless the up trend is still intact up’

The market unfolded as expected moving up and achieving our target of 11295 with ease and also stalling as the market was in a stretched territory.

Technically the trend is still intact up and the next technical target in the days to come is 11695 if the market continues its journey up, we may see some hiccups as the market is in a stretched territory, there is also a possibility that the market may react and if that happens then we have a strong support at 10761-10099.

The supports are at 10761-10099 and resistance to the up move is at 11295-11695

The supports on the way down are at 3350-3132 and resistances on the way up are at 3451-3527-3734

From a trading point of view I would stay long with close trailing stops to protect profits

source: Prakash Gaba

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