Last post on the SENSEX, mentioned that "a decline here would be nice". Well, based on recent action, that wish may be about to come true!
After the euphoric rise from the lows, prices have been trying to clear the serious resistance area of 18000, without much success. A few sessions ago, there was a break down of an uptrendline (highlighted in pink). Although too early to tell, prices may correct some here, presenting good buying opportunities IMHO.
Very Short-Term Oversold
In the very short-term, 5 waves down look complete with oversold indications. This could result in a sideways-to-upwards shuffle for a while, before another leg down.
Support Levels
Minor support from bottom channel line, is around 16000. As mentioned in the previous post, strong support around 15500/14600. A break below them might lead to a gap-fill down to 12200
A sustained break above 18000 at anytime would indicate a continuation of the uptrend.
All the best!
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