Sensex on 26-nov-2010

Sensex slide from the height of Nov 1st week is non-stop, steep.
Ichimoku longterm chart also confirms now the bearishness, which would revert only on emerging convincingly above the Kumo. TS below KS, both hooking down into cloud. Cloud tendency to turnover,
price opening below the cloud, finding difficulty at cloud bottom attemp, falling and closing below the cloud,
The shortterm ichimoku is fully bearish with all indicators deep in red interpretation.

From the TrendChannel and Lines perception, the RedChannel bottom is still a support.

From the EMA perspective, Sensex opened at 100day EMA, has fallen low and bounced from the 144day EMA, on higher side found resistance at 89day EMA and closed in between.
The support would be the 144EMA and after that the major 200day EMA.

20day EMA is declining towards 50day EMA, but yet to cross, and when crossed it would imply intermediate bearishness confirmation.

Oscillators - Williams continues to be in OverBought zone, and such extended stay would only confirm the bearishness trend.
ATR shows greater volatility.

The major chances are a fall to the 200day EMA, which is at 18394 now,
where Sensex may bounce back.

The Advance Decline Ratio of Sensex today is 1 : 4

FII Selling continues. And bad news and sentiments continues, from the market perspective.
The intraday recovery was lost at end of day.
HA candles exhibit the trend very clearly continuously negative. The candle tops are clean shaven eversince the drop started.