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.
Crude Oil, Gold & Silver
Gold at 1347.54 and Silver at 19.6260 are stuck in trading ranges of 1330-60 and 19.20-20.70 with no immediate change seen. A breakout from the ranges can be expected next week.
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.