India: Sensex breaks support

India’s Sensex broke support at 27600, after breaking below its trend channel, warning of a correction to 26000. Bearish divergence on Twiggs Money Flow indicates long-term selling pressure.

SENSEX

Some would argue that the target should be 25000, the low of September 2015. The recent primary down-trend (March 2015 to February 2016) was followed by a strong reaction, from 23000 to 29000, which exceeded the previous high of 27500 (October 2015). Correction is likely to retrace at least half of the reaction, in other words at least to 26000, but there is no clear support level other than the February/March lows at 23000.

6 thoughts on “India: Sensex breaks support

  1. MUEKSH JAIN says:

    Hi , i found two keltner Bands , one is original and other is normal . So further which should i use and which line should i follow

  2. MUEKSH JAIN says:

    Hi colin, does really a US election result matter to INdian stock market , and which is the best indicator we should you for lon term buying and seling . As i m the subscriber since last 5 years

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s