Sensex 9-5-2011

Sensex :
It reflected at the vicinity of 78%
is resisted at 233ema 18529 and is below 5ema 18544
Short term averages are falling, major term averages are horizontal, but slight turn downwards.
Williams is emerging from OverSold.
ATR has turned sideways.

The immediate resistance is
233ema 18529,
200ema 18672
Support is 78% fibonacci at 18069

377ema 17862

Ichimoku short term parameters have negative implication
with price acting below the cloud,
cloud resistance can be at 19002.
Price action is above TS,
but TS is below KS and cloud,
and KS itself is in the cloud,
with CS at cloud resistance and below price action.
Future cloud is turning over, and turning down,
with thinner profile.
Meanwhile the flat profile is giving space to move up.

Medium term parameters
At the junction of cloud turnover
price found support at cloud bottom and has pushed up above the thinnest cloud section.
Support has a rising gradient.
PA is below TS below KS,
but TS and KS turning sideways, and are above cloud.
Crossing of TS will substantiate present strength.
CS is recovering from cloud bottom.
Medium term has maintained to avoid falling into negative zone.

50dma is still in negative cross of 200dma.
The gap is widening.
Candles have recovered from the negative trend, to sideways trend.
Positive momentum is yet to establish.
MACD is holding the fall,
RSI has turned up without entering the oversold, and is at 42 now.

Weekly ichimoku can get support at 18369, resistance at 19434.
The shadow below pulled into cloud.
Rising cloud turns sideways now.
Thickening makes way for a greater range.
The widebar makes a condensed trading range possibility on Monday.