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
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients.
Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter.
Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
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.