Key World Stock Markets Briefing

Key World Stock Markets Briefing

Key World Stock Markets Briefing

$DIA, $DAX, $GLD, $SLV, $USO, $OIL

Corrective phase is going on in the global markets as the fresh decline in Crude Oil with Brent Crude at 43.88, and WTI Crude Oil at 41.54 causing some anxiety.

The Japanese markets are closed Thursday

DJIA at 18495.66, -0.20% continues in pause to refresh mode, but all the dips can be used by Bears to cover their shorts that can keep the trend firmly up with the target of 18900-19000 intact.

DAX at 10650.89, -0.39% saw a normal correction after the sharp gainers in the last few sessions. This correction can extend to 10600-500, but the Bullish momentum remains intact as long as the index stays above 10400-350.

Shanghai at 3021.02, +0.08% is oscillating in the range of 3000-50 as expected that may continue for a few more sessions.

Nifty at 8575.30, -1.19% declined sharply as warned in the last 2 days and if it fails to hold above the immediate support of 8565-35, then further Southside to 8480 and 8420, even 8300 is possible next week.

 

Crude Oil, Gold & Silver

The Dollar (.DXY) Index at 95.65 remains weak, but the commodities have not responded well so far with Crude Oil in corrective mode and precious metals entering a low volatility sideways action.

Gold at 1343.40 has seen rejection from 1357, effectively keeping it range bound in 1330-70 area in the near term. The volatility may collapse further and we may see some narrow range days in the next few sessions.

The Gold-Silver ratio at 66.71 consolidating in the range of 65-68 for the last 4 weeks, but another sharp down move may be setting up. It implies that Silver at 20.1130 may outperform Gold in the next few weeks, though the metal may consolidate sideways in the range of 19.20-20.70 for the next few sessions.

Just short of their respective target/resistances, both Brent Crude 43.85, and WTI Crude Oil 41.53 have come down sharply. The possibility of a correction soon was discussed here Wednesdday and now a break below the support at 43.00 for Brent Crude and 40.80 for WTI Crude Oil increase the chances of retesting the earlier lows.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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