India’s Sensex found support at 17000. Failure would signal another test of primary support at 15000, but 13-week Twiggs Money Flow remains above zero and respect of support is more likely. Recovery above 18000 would confirm tthe primary up-trend, with a target of 21000*.
* Target calculation: 18 + ( 18 – 15 ) = 21
The NSE Nifty Index is similarly testing medium-term support at 5200. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. Respect of support at 5200, by say recovery above 5500, would confirm the signal. Failure of support is less likely, but would signal another test of 4500.
* Target calculation: 5400 + ( 5400 – 4500 ) = 6300
Singapore’s Straits Times Index twice penetrated resistance at 3000, confirming the primary up-trend, but each time retreated. Expect softness until quarter-end followed by another breakout attempt. Target for the advance is 3300*.
* Target calculation: 2900 + ( 2900 – 2500 ) = 3300
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.