Pre-open Outlook(17-02-2012)
Blasting Global Bull is on and all the counties are fully participating. Although correction is technically due and intraday selling and distribution pattern was also seen yesterday but Running Bull markets are on and its following characters have already been updated many times in last 2 months:-
1- Market firstly require intraday selling patterns and then follow up selling as well as complete distribution patterns minimum on Daily charts then Short term correction will be seen.
2- One day intraday selling and intraday distribution patterns may result only intraday correction or very short term minor correction if follow up selling develops in the coming sessions.
3- Running Bullish markets complete its corrections in sideways moves and correction is completed at higher levels consolidation also.
All the Global markets are blasting today therefore sentiment is upbeat and rally continuation will be seen after gap up opening. Although intraday selling and intraday distribution patterns were seen yesterday but rally continuation possibility after higher levels consolidation can not be ruled out.
Rally is on and its continuation will be expected today also and until above mentioned very short term/Short term correction formalities will not be fulfilled. Next resistances are within 5600-5700 and its testing possibility is being told for the 3/4 days,fresh consolidation or follow up selling within or near about this range will pave the ways of next big moves today and in the coming week.
Extremely heated sentiment today and profit booking develops also in such sentiments therefore this possibility should be kept in mind as well as fresh long positions should be created after sufficient intraday correction.