Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks


Commentary: DJIA setting up for a rally? PE

DJIA at 24357.32, +0.39% moved up Monday. Looking at the 3-day candle the fall from marks below 26800 on 18 January has been correcting, and the trading range has been in a contraction mode.

Note: DJIA is trading in the last phase of the contraction and could spend some time in the 24500-23200 region before starting to rally medium term. Near term looks Neutral, as it may be setting up for a sharp up-move soon.

DAX at 12948.14, +1.00% is holding above the 12700 support and looks Bullish near to medium term targeting to 13200-13400. Near term trend is North.

Nikkei at 22536.40, +0.31% has not moves above 22600, is stuck, a clear break above 22600 could drive it to 23000+ but rejection could push it to 22000 or lower.

Shanghai at 3151.87, +0.49% moved up to test at 3150. A continuing rise needed to take the index to 3200, or else see a move to 3100-3050. A clear break above 3150 negate a fall back to 3050.

Nifty at 10715.50, +0.92% saw to 10600 before bouncing Monday. While 10600 acts as 1st support, the index could head higher to 10800 Tuesday and Wednesday. My near term is Bullish.

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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