Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI, $BSESN
Commentary: Overall, the Bulls could move higher in the next 2 weeks. Expect continuing volatility. PE
DJIA at 24264.30, +0.96% saw huge intra-day volatility Wednesday. 1st it fell to a low of 23523.16, but recovered steadily to close higher on the day. This has been the 4th test of Key support at 23500 since February. The long lower wicks on the 3-Day and Weekly Candles suggest strong buying interest at 23500. So far, my near-term range of 23500-24500 has held. Now, I have to see if DJIA can break and hold above 24500. If and when that happen I will become Very Bullish, let’s see.
DAX at 11957.90, -0.37% is holding above support near 11800-11700, while there can test to 11600 medium term. After bouncing back from 11800 Wednesday, DAX may move to 12200-12300 in here.
Nikkei at 21668.34, +1.64% is moving down, as visible on the 3-Day line. While 1st weekly resistance at 21500 holds, Nikkei looks Bearish, so a fall to 20500-20000 is possible next week.
Shanghai at 3131.11, -0.18% may spend another week within 3100-3200, as both are 1st support and resistance marks as send on the weekly candles. If support at 3100 holds, a bounce to 3300-3350 is possible, triggering a medium term move up, or a fall below 3100 may signal a deep fall longer turn.
Nifty at 10128.40, -1.14% fell from 10279.85 Wednesday to close at 10128.40, it is trading higher at 10277 on the SGX Thursday morning, suggesting a possible recovery Wednesday’s losses. It has been ranged within 10000-10300 for the past 4-5 weeks and a break on either side is possible next week to decide directional movement near to medium term.