The "Bulls" gored with will!-After masterfully following its beautiful rise, the BSE500 index is using the long average (white line) as a support point on the daily chart.
- According to the previous analysis , we had a projection for an increase to the region of 23500 (but not as aggressive as it was, as I expected a little more calm). Now, the index has to overcome the long average to continue climbing higher targets, as the region of 24300.
-The weekly chart below is showing us that the market has managed to form a bullish pivot and is managing to stay above the safe region of that pivot at 23500, which is a good sign. Holding above this level shows that medium-term longs are defending their entry positions.
-The monthly chart shows that prices are managing to escape the bearish pivot formed, because as mentioned, the security region is the 23500 range.
-From the hourly chart, the SETUP used indicates that prices only have the strength to reach the 23700 region. Will the long average just below serve as a springboard for prices and push them upwards?
-Have the bulls already priced the worst for the index?
-One thing is right. Prices have to stay above 23500 to be able to maintain their rise and, failing that, a test in the region of 23000 will be their likely destination!
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop Loss!
-See below for other graphic reviews!
