May 20

This week the BSE-Sensex opened at 4091.19 and in the first trading session fell till 3888.81 before closing at 4039.39 in the next two trading sessions it formed the pattern at higher top and higher bottom in the Daily Bar Charts. On Thursday Sensex touched the weekly high of 4197.08 and closed below the opening of that day and also below the closing of Wednesday. The Daily Bar Charts indicated Trend Reversal. The weakness was imminent and because of it the BSE-Sensex fell by more than 100 points on the concluding day of the week. After having weekly opening at 4091.19, the Sensex went high to 4197.08(higher than last week's top of 4102..03) and closed at 4015.75 (lower than the last week's closing of 4075.47) indicating Trend Reversal in the Weekly Charts.

After scanning the Weekly charts of BSE-Sensex the level of 4080 seems to be quite crucial for Bulls. The Sensex starts showing strength only beyond this level. And in case Bulls succeed in taking it above 4198 then it faces very strong resistance at 4322, the last year's top. On the lower side the first support level comes at 3915. In case Bears win in breaching this level than the Sensex can fall further to 3885 and 3770.

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