Thursday, April 12, 2007

Sensex making H&S pattern?


Sensex has given a short term sell signal from overbought zones today. CMP is 13113. A Head & Shoulder pattern is emerging with the neckline at 12500. The 5 day stochastic sell signal has taken the sensex to the neckline the past couple of times. A close below the neckline (12500) will be very bearish and will open up downward targets of 11500. Immediate support is at 12900.

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