Australia’s ASX 200 index is lagging other resources markets, but penetration of the descending trendline on Monday suggests that a bottom is forming. Breakout above 4400 would signal a primary up-trend, with an initial target of 4800*.
* Target calculation: 4400 + ( 4400 – 4000 ) = 4800
Japan’s Nikkei 225 is headed for a test of 9100, but still has some way to go. Cross-over of 63-day Twiggs Momentum above zero would be a bullish sign.
Dow Jones South Korea Index is testing resistance at 420. Respect of the zero line by 13-week Twiggs Money Flow indicates buying pressure. Breakout above 420 would complete a higher trough, signaling a primary up-trend. Target for the initial advance would be 460*.
* Target calculation: 420 + ( 420 – 380 ) = 460
