India’s NIFTY index encountered resistance at 5200. Respect of the upper trend channel — and 63-day Twiggs Momentum respecting the zero line (from below) — would suggest a down-swing to test the lower trend channel.
The BSE Sensex also retreated from its upper trend channel but rising 13-week Twiggs Money indicates buying pressure. Follow-through above the recent high at 17250 would signal declining momentum — and that a base is forming.
Singapore’s Straits Times Index also retreated, but from resistance at 2900. Follow-through above the recent high would confirm the higher trough and the start of a primary up-trend. Target for the initial advance is 3200*. Respect of resistance is less likely, but would warn of another test of primary support at 2600.
* Target calculation: 2900 + ( 2900 – 2600 ) = 3200