What? Everybody knows Indians don't play soccer. Ok, here's why they should - at least this year!
But first...
Sensex: Approaching Upper Channel Resistance
Bombay SENSEX has been trending sideways-to-upwards since Oct-09, and has refused to make lower high or lower low yet! Contrast this with the panic in top world markets, and their corresponding world cup soccer teams. Daily chart below.
Sensex has dutifully rebounded off the lower channel line, and is poised to kiss the upper line, and historical resistance area of 18000. Note the converging moving averages around here, suggesting a setup for a significant move in the next few months. A sustained break above this area, will target just above the all-time highs of 21200. Initial support on a breakdown lower, is at the lower channel line.
Soccer
I wonder if there's correlation between country stock indices and their sports teams. A booming China clearly took the lead in the last Olympics, while England & France are struggling to stay afloat in the current world cup. If there IS a correlation, Brazil(or another S American team) might just win this year, based on its stock market outperformance since Mar-09! Among the "developed teams", Germany looks to provide the biggest challenge.
Too bad, the Indian national religion is Cricket! The line in cyan is the SENSEX.
Socionomics
If you like pschology, sociology and the stock markets you'd be interested in the emerging field of Socionomics. "Socionomics is the study of social mood and its results in social actions. It studies how waves of endogenously regulated social mood in turn regulate changes in the economy, political preferences, financial markets, pop culture, etc." ... and might i add sports? ;)
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