Overall, remember, we considered post-Dec’16 rally as a new up-move, and targeted new all-time highs for the Index. “Faster” move above Sep’16 high of 29077 (Nifty 8969) by Mar’17 will provide the structural confirmation that post-Dec’16 rally is indeed a new up-move.
Last week’s range appeared as a “Struggle Zone” between the Bulls and Bears. In the fresh week, a “decisive” move beyond last week’s “struggle zone” could tell us if upward “c” continues OR downward “d” opens.
Since Dec’16, Sensex’ close-only chart still shows “higher top higher bottom”, which defines an UP-trend as per Dow Theory. Till the trend continues up, all dips would only provide buying opportunities.
Even last week, the low made by the dip after RBI Policy on Wednesday was not broken later. As long as the dips on Sensex attract buying, the “c” leg may continue to develop. Watch for its maturity when it starts to retrace its internal rallying segments.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017213102047.asp
Last week’s range appeared as a “Struggle Zone” between the Bulls and Bears. In the fresh week, a “decisive” move beyond last week’s “struggle zone” could tell us if upward “c” continues OR downward “d” opens.
Since Dec’16, Sensex’ close-only chart still shows “higher top higher bottom”, which defines an UP-trend as per Dow Theory. Till the trend continues up, all dips would only provide buying opportunities.
Even last week, the low made by the dip after RBI Policy on Wednesday was not broken later. As long as the dips on Sensex attract buying, the “c” leg may continue to develop. Watch for its maturity when it starts to retrace its internal rallying segments.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017213102047.asp
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