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Weekly Review for the Week June 15th – 19th 2009

This article was posted on Jun 13, 2009 and is filed under Market Outlook

We said ‘Technically the trend is still intact up and there is still no sign of weakness witnessed on the charts as yet and the market seems to be looking up. The next logical technical target in the days to come is 16046 but as it climbs up the market is setting itself up for a reaction. The crucial supports are at 14600 and resistance to the up move is at 15440’

The market unfolded and remained positive during the week with profit booking coming in at higher levels and the market found resistance at our resistance level of 15440.

Interestingly the market is finding hard to climb up to the next logical target of 16046 since the past one-month. It is not showing signs of weakness but is also not displaying signs of strength either. Trading in these markets is very challenging and the ideal thing to do is to take the money home where one can, as many of the stocks are closer to their natural resistances.

Technically a typical sideways trend is expected.

The crucial supports are at 15000 and resistance to the up move is at 15440-16046

The crucial supports on the way down are at 4450 and resistances on the way up are at 4650-4789

From a trading point of view I would stay long and continue to book profits until a clear trend emerges

source: Prakash Gaba

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