Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks

$DIA, $DAX, $DJSH, $N300, $NSEI

Commentary: A corrective phase for majority of the stock indices could well begin soon within the overall long term uptrend. Caution is the watchword in here. PE

DJIA at 21703.75, +0.13% could see some support near 21600-21500, which could hold near term. Thereafter a break below 21500 looks likely taking the index South to 21250-21200 longer term. For now I prefer 21500 to hold just now and prompting a slight bounce next.

Interim support could be tested at 11940 on DAX now at 12065.99, -0.82%, if holds could keep the price within 12200-1194 for a few more days. On a clear break below 11940, then consider move lower to 11700 is ahead.

Nikkei at 19406.61, +0.07% has been forming a rounding top on the charts since May 2017, and the current break below 19800 has given impetus to the formation, while the pattern seems to hold, we could see a fall towards 19000-18800 now. Near term looks Bearish to me.

Shanghai at 3285.58, -0.04% trading within the channel uptrend and could test resistance at 3300/05, from where a short corrective dip is possible. On a clear break above 3305, look for further Northside and a  rise to 3350. For now watch price action near 3300.

Nifty at 9754.35, -0.84% came down to test 9750 Monday. Resistance near 9950 is holding in here, 1st support is seen at 9700 on the dailies, but in case that breaks on the Southside, Nifty could be vulnerable to a faster, deeper fall to 9500 medium term, watch price action near 9700.

Stay tuned…

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