China’s Shanghai Composite Index is testing resistance at its 2012 high of 2460 on the daily chart. Rising 21-day Twiggs Money Flow indicates medium-term buying pressure. Breakout is likely and would signal a primary up-trend, but the index is overdue for a correction and a higher trough is required to confirm the reversal.
Hong Kong’s Hang Seng index already indicates a primary up-trend. Reversal below 23000, however, would warn of a correction.
India’s Sensex is testing its secondary rising trendline, while declining 13-week Twiggs Money Flow suggests selling pressure. Breach of the trendline would indicate a correction to test 18000/18200.
* Target calculation: 19 + ( 19 – 18 ) = 20
Singapore’s Straits Times Index is testing resistance at 3300. Rising 63-day Twiggs Momentum suggests continuation of the primary up-trend. Breakout would signal an advance to 3900*.
* Target calculation: 3300 + ( 3300 – 2700 ) = 3900
Japan’s Nikkei 225 Index retreated from its 2010 high of 11500. Reversal below 11000 would suggest a correction to 10000. Respect of support would indicate a breakout above 11500 — and a fresh primary advance.
* Target calculation: 11000 + ( 11000 – 8000 ) = 14000