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The Hang Seng Index is approaching its target of 22,000. Expect retracement to test the new support level at 20,000. Respect would confirm a strong primary up-trend.
* Target calculation: 20000 + ( 20000 – 18000 ) = 22000
A monthly chart of the Shanghai Composite Index reflects China’s soft landing over the last two years. The gentle down-trend is likely to continue, with the current rally testing the descending trendline around 2850.
Australia’s ASX 200 index is struggling to break medium-term resistance at 4300. 63-Day Twiggs Momentum continues to indicate a primary down-trend (breach of its rising trendline would strengthen the signal). Failure of support at 4180 would warn of another test of primary support at 4000.
* Target calculation: 4300 + ( 4300 – 4200 ) = 4400
The FTSE 100 is running into resistance at 6000 — note the short weekly candles and bearish divergence on (medium-term) 21-day Twiggs Money Flow. Expect retracement to test the new band of support between 5600 and 5700. The primary trend, however, remains upward; so the target of 6100 is unchanged.
Germany’s DAX has also run into medium-term selling pressure, but remains in a strong primary up-trend with a target of 7500*.
* Target calculation: 6500 + ( 6500 – 5500 ) = 7500
Italy’s MIB Index is not yet in a primary up-trend, but narrow consolidation below 17000 suggests an upward breakout. Medium-term selling pressure is evident, however, even on the long-term 13-week Twiggs Money Flow, and failure of support at 16,000 would warn of another test of the primary band at 13,000 – 13,500.
* Target calculation: 17000 + ( 17000 – 14000 ) = 20000
Some good potential breakouts on Incredible Charts screen #48888:
Yoma (Z59) breakout above 0.50 would signal another advance. Both Twiggs Money Flow and Momentum are bullish.
I also like the look of Sky Holdings, Interra Resources and Ezion Holdings:
Although Ezion faces some profit-taking at 1.00 that could slow a further advance.
Most interesting of the stocks on my Potential Breakouts screen (Incredible Charts #48895):
Interesting new stocks on my Top Momentum stock screen (Incredible Charts #48894):
Northern Graphite (daily chart)
Atna Resources (weekly chart)
Connacher Oil & Gas (weekly)
Imperial Metals (weekly)
The TSX 60 broke through resistance at 720, signaling a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal. Expect retracement to test the new support level, but target for the advance is 790*.
* Target calculation: 720 + ( 720 – 650 ) = 790
India’s Sensex index retraced to test support at 18000 on the daily chart. Bearish divergence on 21-day Twiggs Money Flow indicates medium-term selling pressure; respect of the zero line would suggest a strong primary up-trend. Respect of 17,000 on the index chart would also be a bullish sign.
* Target calculation: 18000 + ( 18000 – 15000 ) = 21000
Singapore’s Straits Times Index (weekly chart) also shows retracement. Expect a test of support at 2900. Respect of the zero line by 63-day Twiggs Momentum would confirm a strong up-trend, with an initial target of 3200*.
* Target calculation: 2900 + ( 2900 – 2600 ) = 3200
Nasdaq 100 index is approaching its target of 2650*. Expect retracement to test the new support level at 2400. Respect would confirm a strong up-trend despite the lower high (bearish divergence) on 13-week Twiggs Money Flow.
* Target calculation: 2400 + ( 2400 – 2150 ) = 2650
The S&P 500 encountered short-term resistance at 1370, indicated by declining 21-day Twiggs Money Flow, but the primary up-trend appears healthy. Retracement that respects support at 1300 would signal trend strength — even better if we have a narrow consolidation below the resistance level.
* Target calculation: 1300 + ( 1300 – 1150 ) = 1450