India’s Sensex index found support at 17000. Recovery above 17500 would indicate respect of the support level and another attempt at 18500. 63-Day Twiggs Momentum oscillating above zero already indicates a primary up-trend but only recovery above the November high of 18000 would confirm. Target for an advance would be 20000*.
* Target calculation: 18.5 + ( 18.5 – 17.0 ) = 20.0
The Nifty index is similarly testing support at 5200, while recovery above 5400 would confirm the primary up-trend. Target for an advance would be 6000*.
* Target calculation: 5600 + (5600 – 5200) = 6000
Singapore’s Straits Times Index continues in a narrow consolidation above the double-bottom neckline at 2900, suggesting continuation of the primary up-trend. Target for the expected breakout would be 3200*.
* Target calculation: 2900 + ( 2900 – 2600 ) = 3200
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.