Market Pulse, Jan 20, 2014

 

Sensex closed at 21064, a rise of 305 points as compared to a fall of 93 points in the previous week. In the daily chart below, we see that Sensex formed an uptrend between late August and early November 2013. Thereafter, since November, it has been going sideways, and forming an upsloping triangle. Usually, such triangles resolve in the direction of the prior trend, but it is not a must. Looking at the underlying red moving average structure we would favour a resolution towards the upside. Until that happens, it is marking time. 

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