Weekly Review for the Week June 8th – 12th 2009
We said ‘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 market unfolded and remained positive during the week.
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 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 as long as 14600 holds with close trailing stops to protect profits
source: Prakash Gaba
Tags: daily free tips, market on monday, nse bse technicals, prakash gaba, sensex technicals, support for nifty, support for sensex, weekly review
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