SUNDAY, JANUARY 11, 2009

IN A WEEK!!! THINGS CHANGE A LOT

 

Sensex Technical View :

Last week we were looking towards the upper end of the triangle. Within a week we are back to testing the lower end of the triangle.

Although it seemed the index was just moving above the line but it was not supported by volumes and didnot sustain so the view to wait for confirmatory moves was helpful in avoiding longs.

Now on the downside the proposition again opens up for a breakdown below the triangle around 9300 + - a bit. Also the recent low 9162 becomes crucial. But yet again would prefer to wait for 6-8 sessions of confirmatory moves as moves could be in the range of 1000 points on either side on breakout or breakdown.

No stock specific view will update more from monday.