BSE:SENSEX has recorded a All Time High today(26-Nov-19) but it was rejected by a trendline that extends from August 2018 till today. If this trendline is broken on a daily closing basis then I am expecting SENSEX to continue to the upside.
A massive uptrend was seen in the market from 20th September. From the previous price pattern there is a higher probability for the market to make a correction and test the previous support trend-line before making an upward move. The scenario might change if any radical measures or policies to revive and boost the economy is made from the government side.
Sensex Assessment – Bear Market
• Most Reliable resistance level will be broken, If the Price Comes below Support level, then this will act as Resistance and you can expect the market to go down 28,000
• Head and Shoulder Pattern is in formation, the stock to be sold once the re-test done as marked on the chart
• Market have reached 1.618 Level which is most...
Harmonic Pattern seen in Sensex indicating a bearish bias. A minor support at 39570 is holding the index for now, below which 39500 is a very crucial demand area. If that level holds we can see further upside in coming days. However, if 39500 fails to hold there would be a sharp correction towards 39250 and 39000.
(Disclaimer: Our charts and contents are just...
Yellow one suggests we are in a bigger flat correction
in the form of wave 4. In this case, first, a fall towards
32300 can be expected, before another upmove begins
Green count suggests, wave 4 completd near 33300
and we are in 5th wave upwards of the current impulse
Target in this case will be 40300 followed by 41000
(downside limited till 36500)
SENSEX has two possible chart pattern scenarios standing out among others for me . On the 4 hr, My primary pattern for any play is the Ascending triangle with initial target near 38950 level. Although,There's a bearish pattern (Bear Flag) in play too but I'm not too confident about it, as the flag consolidation is roughly >/= 50 % of the flag pole. Also there's...