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| BSE 30 - End of Week Chart - 23 March 2012 |
Quick Reference :
The Tenkan Sen - red line,
The Kijun Sen - blue line,
The Chikou Span - purple line,
The Senkou Span A - black line,
The Senkou Span B - grey line,
The Kumo - grey shaded area.
Recent Signals : Last week (click here) and Previous Week (click here)
We observed last week that the price had gravitated towards the flat Kumo (Senkou Span B) since Jan'2012, to reach its state of equilibrium.
The space where we have this flat Span B is shown with 'H'.
Kumo resistance has sent the price down and out of the cloud.
As observed last week, the resistance of the last week's attempt (Senkou Span A), did send the price back again this week.
Another attempt at the Senkou Span B is expected within the width of 'H'.
Price breaching the Tenkan Sen (red) is the first indication, of trouble for the above attempt.
As one can see at 'I' the price has fallen below the red line.
Staying above the Kijun Sen (blue), breaking above the red line and the 'Black' Senkou Span A are the critical tasks for the Bulls.
In the mean time - the mood is cloudy for the Bulls and the Bears have all the power - just as it was in the last two weekly studies.
About time we saw some 'relief green'.
