Volatility band 18690-17295: Vasudeo

Technical Analyst, Hitendra Vasudeo:

Last week, the BSE Sensex opened at 17940.16, attained a low at 17857.12 and moved up to a high of 18690.97 before it finally closed lower at 18211.53. An Engulfing Bear and Out Bar was seen on Friday after testing the 38.2% retracement level of the fall from 20664.80 to 17295.62. The 38.2% retracement was at 18507 and the Sensex registered a high for the week at 18690 and fell on Friday to close below 2 days