Key World Stock Markets Briefing
DJIA at 18597.70, +0.13% saw a quiet low volume session with no significant movement. This stalling at the higher levels must be resolved above 18700 by the Bulls very soon, otherwise the risk of seeing a retest of 18250-18000 increases daily.
DAX at 10603.03, +0.62% bounced from support at 10500-450, protecting the near term uptrend for now. The markets’ Northside possibilities of seeing 11000 is back on the table in here.
Nikkei at 16474.67, -0.07% is testing the Gap support area at 16450-350, which must hold to keep the chances of further rise open. A clear break below 16350 threatens the uptrend.
Shanghai at 3092.09, -0.39% is in a corrective phase but may find support from 3090 or 3065-55 from where the buyers are expected to push the index higher once again. The targets of 3160-80 and then 3290-3350 remain unchanged.
Nifty at 8673.25, +0.57% may break from the range of 8550-8730 by next week with a sharp directional move. The volatility has collapsed despite the new highs with the net gain of the last 4 weeks coming at a measly 1%. Caution is the rule in here.
Brent Crude at 50.89 met the target of 51.00, and WTI Crude Oil at 48.34 is closing in to the target of 49.00 as a vertical rise is unfolding in Crude Oil. There is a chance of Brent Crude pausing around 51.00, but considering the market’s strength, further rise to 53.00 cannot be ruled out.
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