Sensex , Dow and Hang seng can they go for another 5-8% upmove ??
Last Updated On: 31/05/ 2009
Sensex Technical View :
Sensex continues with another up day going up beyond 14500. Staying above such levels opens up to 14900/15500/16200 also.
So if stays above 14500 for 2-3 sessions we could expect a momentum move to 15500 ( prev top _ in the best case scenario and a longer extension can go to 16100 zone which is 61.8% of the entire downmove.
This could be a very difficult move for investors and they should be looking more towards booking profits and avoid long term commitments at such high levels. Traders can continue to trade with a long bias but with strict stoplosses as it might also be a distributive rally with lot many operator/ brokers pitching in for highly run up stocks. So one needs to be careful with the trading opportunities.