Here is the 5 year charts for sensex. From the charts it is witnessed that coppock indicator shows negative value -36 with negative slope which indicates ongoing bear market. Only the positive slope with coppocks value above Zero with positive slope will target Bull Markets in Long Term.
To calculate the Coppock Indicator:
- Calculate 14 month Rate of Change (Price) for the index. Use monthly closing price.
- Calculate 11 month Rate of Change (Price) for the index. Use monthly closing price.
- Add the results of 1 and 2.
- Calculate a 10 month weighted moving average of the result.
And Here is the Latest Technical info from from the trading diary of incredible charts
The Sensex is headed for another test of support at 9000. Twiggs Money Flow (21-Day) holding below zero indicates selling pressure. Expect a downward breakout to test 8000 in the short/medium-term, but the calculated target is 6000, the 2005 low. That is 8500 – ( 11000 – 8500 ). Reversal above 11000 is unlikely in the present climate.
