BSE SENSEX UPDATE
Our preference: the upside prevails as long as 16715 is support.Alternative scenario: the downside breakout of 16715 would call for 16276 and 16015.
Comment: the RSI is trading above 70. This could mean that either the index is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. The index is trading above both its 20 and 50 day MA (standing respectively at 16417.62 and 15800.07). The Bombay SENSEX Index is currently trading near its 52 week high reached at 17190.2 on 01/10/09.
Supports and resistances:
18242 *
17979 **
17716
17134.55 last
16887
16715 **
16276 *
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