Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI, $BSESN
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.
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