Key World Stock Markets Briefing
$DIA, $DAX, $OIL, $USO, $GLD, $SLV
Most of the world markets have been trading in narrow ranges but sharp moves may be seen by 2-H of this week.
DJIA at 18552.57, -0.24% has been trading in the narrow range of 18450-700 for the last 10 sessions, but may see an expansion of the range this week with US Fed Chairwoman Yellen’s talk coming on Friday from Jackson Hole. As I said last week, this range must be resolved above 18700 by the Bulls soon; otherwise seeing a retest of 18250-18000 coming.
Note: As I write this report the DJIA mini 1:25a Sep 2016 futures are trading at 18,505.00 -35.00
DAX at 10544.36, -0.55% retested the support at 10500-450, and now to strengthen the chances of seeing 11000, needs to break above 10650.
Nikkei at 16584.75, +0.24%) is trading above the Gap support at 16450-350, it needs to rise above 16650 to open the higher targets of 16900-17000. But, a clear break below 16350 threatens the uptrend.
Shanghai at 3098.48, -0.31% continues its correction after the sharp gains made a few sessions ago. The major uptrend is still intact above the support of 3060-55 with the targets of 3160-80 and then 3290-3350 unchanged.
Nifty at 8666.90, -0.07% showed signs of a collapse in volatility last week but it may expand this week. A break above 8550-8750 is required to trigger a significant trending move which could emerge this week.
Crude Oil, Gold & Silver Markets
Gold at 1347.54, and Silver at 19.6260 are stuck in their respective ranges of 1330-60 and 19.20-20.70 with no immediate change expected. A breakout from the ranges could be seen next week.
Brent Crude at 50.89 met target of 51.00 in a 1 session and WTI Crude Oil 48.34 is closing in to the target of 49.00 as a vertical rise is unfolding in Crude Oil. There’s a chance of Brent taking a pause to refresh around 51.00 but considering the strength, further rise to 53.00 would not surprise.
Commentary: As I write this report at 1:25a Monday 22 August the September Crude Oil futures are trading lower; WTI at 47.87 and Brent at 50.09.
Have a terrific week.