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Weekly Review for the Week June 1st – 5th 2009

This article was posted on May 31, 2009 and is filed under Market Outlook

We said ‘The trading pattern for the week though positive has thrown a crucial support at 13611 and I would maintain the trend as still intact up as long 13611 holds’

The market unfolded and remained positive during the week.

Technically the trend is still intact up and there is no sign of weakness witnessed on the charts as yet but as the market climbs higher it sets itself up for a reaction.

The crucial supports are at 14000 and resistance to the up move is at 15000-15440

The crucial supports on the way down are at 4270 and resistances on the way up are at 4500-4580-4650

From a trading point of view I would stay long as long as 14000 holds with close trailing stops to protect profits

source: Prakash Gaba

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