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)