India’s SENSEX index ran into resistance at 16500 today. 13-Week Twiggs Money Flow holding below zero warns of strong selling pressure. Expect another test of support at 16000. Failure would signal a down-swing to 14500.
* Target calculation: 16000 – ( 17500 – 16000 ) = 14500
The Straits Times Index weakened to 2700 today after yesterday’s sharp rally. 63-Day Twiggs Momentum declining below zero reminds that we are in a strong primary down-trend. Failure of support at 2700 would signal a decline to 2400*.
* Target calculation: 2650 – ( 2900 – 2650 ) = 2400