I am expecting a quick move past 30,000 when the market opens on Monday. The correction on Friday was too rapid and I am expecting a pullback which should break through the 30k level. And if this does hold true we are in for a massive up move on the SENSEX as I believe "animal spirits" will take over past the psychologically critical 30k level. To give you some...
The Sensex is back testing it's old highs at 30000 from 2015. It's still ripe for a bear attack which may well come next week
Longterm view: For me the Chart is clear bullish. The Level for further Longs is 30.000 AT present, the RSI turns red, u should exspect a healthy drop soon after kissing the Pivot resistance Level at 30.000. Kissing the neckline would be typical.
We are in the mid of 2 year BULL cycle for India. India, Stock Market Cycle 4 year bull -1 year correction -2 year bull - 1 year correction
sell at breakdown of trendline and major support,,
GST may go down as the most hyped event
Observations are mentioned on the chart. With this analysis i am not trying to predict top or bottom or future direction of the market. With this analysis i am trying to share the idea of different ways of doing analysis, i hope it will openup new ways by which you can do analysis of your own.