Bse Sensex 14724
Negative < 15307, Stop 15.5k (cl)
Last week we had contended that even though Sensex is positive (trades >15280) likely to come under severe pressure near 15.6k-15.7k zone due to suspected H&S pattern’s neckline & .618% Fibonacci resistance.
We saw that happen, last week. After hitting a high of 15579, the Sensex buckled under waves of selling; eventually dipped below 15280; & also broken the stop of 14.8, confirming short term “top” at 15.5k.
The failure in the week under the H&S formation (neckline) is testimony to the persistence of the “negative sentiment”. The weak trend will prevail as long as Sensex trades below 15.3-15.4k; on the downside, slide upto 14150-14350 looks for sure.
Last week we had contended that even though Sensex is positive (trades >15280) likely to come under severe pressure near 15.6k-15.7k zone due to suspected H&S pattern’s neckline & .618% Fibonacci resistance.
We saw that happen, last week. After hitting a high of 15579, the Sensex buckled under waves of selling; eventually dipped below 15280; & also broken the stop of 14.8, confirming short term “top” at 15.5k.
The failure in the week under the H&S formation (neckline) is testimony to the persistence of the “negative sentiment”. The weak trend will prevail as long as Sensex trades below 15.3-15.4k; on the downside, slide upto 14150-14350 looks for sure.
