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There is a ’strong piercing pattern’ on the weekly chart below. It is a bullish sign though candlestick patterns always require confirmation from the next unfolding pattern. However, there are also some positive divergence on momentum indicators and the trading volume was also noticable towards the close of the week.
On the daily chart below [...]
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Bombay Stock Exchange or BSE Sensex is currently struggling with lot of speculation about the economic policy of the new government. But there is no sense of any negativity, rather enthusiasm after the left has been left out. But still there are so many things the Indian economy has yet to grapple with.
Yesterday, the [...]
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Following is the envisaged wave count for all the major stock markets. This should give a broader picture of what could happen over the Medium and Long term. (Short term trend followers may delve into more elaborate details in short term charts).
There could always be some unanswered questions while following wave patterns, but they are [...]
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Nifty daily chart below portrays a slighly negative picture for the short term. RSI is almost into the neutral territory with some negative divergence and ROC is already in the negative zone. But the 50days and 100days moving averages are still rising, implying that there is no serious signal for medium or long term [...]
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Candlestick pattern on the weekly chart below suggests that it may trend sideways to neutral in the days ahead. 13week RSI is still in the overbought zone, implying that the prices are over-valued currently. But it seems that this market is not in a mood to undergo a serious decline in the near future. [...]
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