Here is my 2 cents worth on the technicals.
The 'b-d' line drawn on the Sensex chart happens to be the neckline of the head and shoulders formation with head at 15600 and the two shoulders at 15100.
The Sensex broke through the neckline and reached the target low of 12500 - thereby making two bottoms at 12500.
Is this a double bottom, which will be bullish? Doesn't look like it. Why? Because the Sensex retraced upwards rapidly from the 12558 low, only to get resisted by the 'b-d' neckline.
The triangle drawn on the HDFC Sec chart looks like a descending triangle to me with lower tops and a flat bottom. This means the Sensex will head down towards the 12500 low again and this time may break it downwards.
Subhankar
http://investmentsfordummieslikeme.blogspot.com
The 'b-d' line drawn on the Sensex chart happens to be the neckline of the head and shoulders formation with head at 15600 and the two shoulders at 15100.
The Sensex broke through the neckline and reached the target low of 12500 - thereby making two bottoms at 12500.
Is this a double bottom, which will be bullish? Doesn't look like it. Why? Because the Sensex retraced upwards rapidly from the 12558 low, only to get resisted by the 'b-d' neckline.
The triangle drawn on the HDFC Sec chart looks like a descending triangle to me with lower tops and a flat bottom. This means the Sensex will head down towards the 12500 low again and this time may break it downwards.
Subhankar
http://investmentsfordummieslikeme.blogspot.com
On Thu, Sep 25, 2008 at 1:46 AM, Subramaniam S <forsubu@yahoo.com> wrote:
HDFC_Weekly_Technical_Report_-_Sep_22_08
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