Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks


Commentary: DJIA’s Key support held. PE

DJIA at 26186.71, +0.14% held Key support at 26000, while it trades above 25700-26000, DJIA may attempt to move higher towards 26500 near term.

DAX at 13003.90, -1.41% came off sharply to test Key support at 13000, an important mark near to medium term. If 13000 holds, DAX could move back to 13300 or higher, or a fall below 13000 could push it to 12800-12700 medium term.

Nikkei at 23181.34, -1.30% is ranges within 23000-23600 unable to decide direction. A test to support at 22800 is possible then a bounce to 23400-23600. Overall range-bound movement is seen near term.

Shanghai at 3440.49, -0.19% came off and could test near 3350 medium term support. While 3350 holds, a bounce to 3400-3450 is possible longer term. Near term looks Bearish to me.

Thursday the Indian stock indices saw some volatility as the Bugdet statement was laid out, but surprisingly recovered almost the whole of the dip by the end of the session.

It is likely that Nifty at 11016.90, -0.10%, and Sensex at 35906.66, -0.16% have already made a near term Top and that the corrective dip could begin any time. While trading below the recent highs, may expect a dip next week or at least some sessions of consolidation. Near term targets for Nifty and Sensex are 10800 and 35500 respectively, considering a test of these marks were almost seen Thursday.

Have a terrific weekend.

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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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