Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks

$DIA, $DAX, $DJSH, $N300, $NSEI

Commentary: The major stock indices are in a corrective mode, and expect to continue for some time before we see a recovery, need to see if the supports near current levels hold for DAX, Nikkei and Nifty. PE

DJIA at 21844.01, -0.93%) fell sharply from marks near 22000. The index may possibly test 21750-700 over the next couple of sessions before bouncing back towards 22000.

DAX at 12014.30, -1.15% is trading near interim support and could bounce back near term.

Shanghai at 3230.61, -0.95% trading sideways in here before trying to rise. For now, trade within the 3220-3300 range looks like it.

Nikkei at 19729.74, -0.05% is testing 1st support on the 3-day candle. While that holds, there is some chance of bouncing back to 20200, if not a fall towards 19400 and lower happen within the next 1-2 weeks.

Nifty at 9820.25, -0.89% tested important medium term support near 9775 Wednesday and if it fails to remain above 9775 it could signal a sharp fall towards marks near 9600-9400. If it hold above 9775, expect a retest at 10000 near term.

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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