Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks


Commentary: DJIA looks stable to strong in here. PE

Note: Overall major stock indices are mixed. While DJIA looks Bllish, DAX may trade sideways. Nikkei is trading near Key support which may hold or break to the Southside. Shanghai has recovered from deep lows and may now be in recovery mode. No strong trend is seen this week.

DJIA at 24640.45, +0.16% recovered from near 24190. While the support at 23200 on the 3-day candles hold, may see move towards 25000-25275 near term before again coming off to 24000 or lower..

DAX at 12196.50, -0.70% sees 1st resistance near 12400 and then 12600. While these hold, some sideways trade is possible in the 12400-12100 range, with a possible extension to 12600 medium term.

Nikkei at 21109.29, -0.64% is holding above Key support at 21000 on the 3-Day candles. While the support holds see a move to 22200 ahead. A break below Key support at 21000 could open the path to 20500 or lower medium term, for now expect 21000 to hold.

Shanghai 3176.95, -0.25% recovered from 3060. A test of the earlier support turned resistance at 3250-3260 could be seen soon, 1st support is seen in the 3060-3100 area, which is likely to hold near to medium term.

Nifty 10539.75, +0.81%, and Sensex at 34300.47, +0.87% recovered from the prior lows marked last week. The indices may trade in the Green for a while before coming off. My 1st targets for Nifty and Sensex are seen at 10600-10800 and 35000 respectively.

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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