Morning Briefing Global Stocks
Commentary: Nothing New. PE
DJIA at 24884.2, +0.04% is holding above 1st support at 24500, while that holds, a rise to 25500 or higher is possible now.
Note: pre-market futures are showing 360 pts lower near 24,494 on news of the resignation of Gary Cohn, President Trump’s National Economic Council Director.
Note: I would have to see price action around 24500, a break to the Southside could negate for a time the expected move to the Northside.
DAX at 12113.87, +0.19% moved to 12300 Tuesday, but came off to close a bit lower.
Note: The 1st resistance at 12300 could hold for a few sessions bringing in another dip to 11900 or lower. Only on a clear break above 12300, would we focus on a move to 12600.
Nikkei at 21377.07%) moved up slightly as the support near 21000 is holding well. Looking at the 3-day candles, there seems to be enough room on the upside towards 22500-22600 levels for the coming sessions. While above 21000, near term looks bullish.
Shanghai at 3300.60, +0.33% moved above 3300 breaking 1st resistance. So, while the upward momentum remains, the index could head to 3350 or higher near term.
Nifty at 10249.25, -1.06%, and Sensex at 33317.20, -1.27% have broken to the Southside negating chances of a bounce. This has been a Key break of 1st supports and indicates further Southside action medium term. Nifty could head towards 10000 and Sensex may test 32500 in the next 3-4 sessions. Near to medium term looks Bearish to me.
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