SENSEX 30
A SHORT TERM REVERSAL ON DAILY CHARTS...

On daily charts i feel the Sensex made the botom at 12344, and is about to retrace the fall. Well on daily charts the Sensex formed the short term reversal pattern called Piercing Line and also closed the gap of 12836-12717. And also the Sensex is kissed and sustained the 12460 which is 38.2% fibo support of the rise from 8799 to 14723. So the points like Piercing Line formation daily charts, a 100 pointer gap closing andtrading above 12460 all this points towards short term reversal of the fall from 14723 to 12344. So from hereon the Sensex will facethe resistence at 13252 which is the 38.2% fibo resistence ofthe fall from 14723 to 12344, sustaining above that level will boost the confidence if the bull and it'll take us to 13988 which is the 61.8% fibo resistence of 14723-12344. But here the fall is not arrested yet unless the Sensex wontcross above the 13252. And still we're in the downtrend leg of 14723. Now the peoples can go long in Sensex woth the stop loss of 12344. So if the 12344 takes off then Sensex will fnd the support at 11761 which is 50% fib support of 14723-8799 and then 11062 which is the 61.8% fibo support of 14723-8799. Still Sensex have to close one more gap which is placed at 13383 and 13298. Even indicators like RSI and CCI all are pointing towards short term reversal.