HSI has been consolidating its recent rise to new rally highs. Support is at 23000. A successful retest here of the breakout, might see higher levels medium-term, towards the 27000 level.
Saturday, October 23, 2010
Sunday, October 17, 2010
Shanghai Composite: The Tiger Roars!
The crouching tiger, took the leap and then roared this week! Check out the volume - a stamp of classic third wave action! Broke through the 200-day MA with ease. In the very-short-term, overbought and approaching significant overhead resistance around the 3000 level. A sideways consolidation followed by a breakout would not surprise. The eventual minimum target of 3480 (the wave A high) still applies. For now, i'll be holding my medium-term positions and staying on board this chinese train.
All the best!
USD hits Support.
The above is a weekly chart of the US Dollar Index. Markets are at an interesting juncture with emerging markets leading with minor breakouts to the upside. $USD at oversold & has reached trendline support here. A successful rebound may have bearish implications for global equities in the short-term, and conversely a break below would be medium-term bullish for equities.
Initial resistance on rebound is 80, while initial support is 74.
Subscribe to:
Posts (Atom)
Posts
