India’s Sensex is testing medium-term resistance at 17000. Breakout would suggest another test of 18000, while reversal below 16000 would test primary support at 15000/15200.
A peak below zero on 63-day Twiggs Momentum would strengthen the bear signal.
* Target calculation: 16 – ( 17 – 16 ) = 15
Singapore’s Straits Times Index found medium-term support at 2700. 63-Day Twiggs Momentum below zero warns of a primary down-trend. A rally that respects resistance at 2900 would strengthen the signal.
* Target calculation: 2700 – ( 2900 – 2700 ) = 2500
Hi Colin, Why would a breakout above 17000 would test 18000? There seems to be more resistance at 17500 (congestion of condlesticks), plus, on daily a double bottom is completed, so daily also suggests the target of 17500 only. Would be awesome to view on my comment.
Resistance will form at the extremes — the two previous highs of 18000 and 18500 — rather than in the middle where most trading took place.
Thanks I am getting weekly report for indian market sensex sir can u provide daily bases report
I only do a weekly review — because of time constraints.