Sensex: Could fall again tomorrow

SENSEX (BSE) Daily Chart Analysis

Sensex closed above the 20,000 psychological level for the 5th consecutive day today. Close: 20028

Market Outlook:

• The current expectation of the market going towards a new high seems doubtful to me.
• There is a chance that the market might slip below resistance again.

Technical Indicators:

• A Shooting Star candlestick pattern has formed.
• There is a high possibility the index will fall below resistance tomorrow and close about 50 points below today.
• If this happens, it'll be a bearish signal.
• Alternately, if the index does not fall and rises instead, than it can be considered as a good sign as the resistance line is now truly acting like a support line and the index could move up.
• Either way, the market should be able to give a future directional indication tomorrow. 

SENSEX (BSE) Daily Chart Analysis