Sensex outlook weak for next week

The Sensex successfully broken the resistance at 14000 in the last week but could not hold above the next resistance at 15000. Sensex closed below 15000 in the last two sessions of the week and settled at 14274.94.

Reversal below 14000 would warn of another test of primary support at 12500, while recovery above 15000 would signal that the primary down-trend is weakening. Failure of support at 12500 would warn of another primary down-swing.

In these circumstances, the over bought formation on the simple daily stochastic assures another sharp fall during the next week to test the support at 12500. This validates our previous trend studies to hold good as the market movements are guided through the downward channel.

First forecast on Trendcues.com turns success

In our first forecast posted on 4th June, the fall of market was clearly indicated to test support at 14750, when the market was at 15,962.56 as of close of Friday 2nd June 2008. Sensex duly touched the lowest level of 14645.31 on 10th June 2008, before retracing to slightly higher levels later.

This first forecast posted on Trendcues.com itself has striked success. The blog writer at Trendcues.com has a strong market tracking background ever since 1991. The writer has a very high success rate to his credit in forecasting stocks, commodities and forex market trends. However his forecasts are being published through this blog for the first time now. Trendcues.com takes pleasure in sharing this success with all its visitors.

The earlier chart studies and forecasts made by the writer would be soon made available to the readers of this blog for reference and study purposes.

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