The last time i did time analysis was in our report – Time to be Optimistic not scared which was posted on May 20.
It was mentioned that index should bottom out in the next 3 sessions. Sensex made a low on May 25 which was the 3-4 session after the post.
For the post look into the following link – SENSEX time to be optimistic not scared
Sensex Time Anaysis:
In the last 1 year there have been some time wise consistent moves.
1) The downmoves have roughly lasted 20-30 sessions.This can be seen in the chart posted previously on TIME ANALYSIS –
2) Similarly the upmoves have roughly lasted for 40-45 sessions.
So if such a pattern is to be continued then the current upmove should last till the 2-3rd week of July.
SENSEX PRICE ANALYSIS:
1) The downmoves have roughly been 11-12 % which can be seen from the previous chart posted on Percentage Analysis
2) Similarly the upmoves have been in the band of 15-16%.
So If such a pattern is to be continued then the current upmove could possibly take the markets to 18300-18500 band till 2-3rd week of July.
Have been able to make this much charts only. In the short term we might be closing in on a resistance zone of 17400-17600.The strong supports are now around 16900.
Will be posting a detailed analysis on Sensex and Global Indices with a technical view in the weekend.
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