MARKET MORNING BRIEFING STOCKS The Chinese GDP meeting the government expectations coupled with the optimism expressed by Janet Yellen produced sharp rallies in Europe & US, even if not that much in Asia. Dow (17138.20, +0.45%) is gathering bullish momentum after many sessions and may reach 17300-50 now with the major support coming up too at 16800 levels. The Dax (9859.27, +1.44%) has bounced sharply but requires to trade above yesterday’s high at 9871 to extend the rally and attempt a reversal. Otherwise the bears may attack from the current levels right now. Nikkei (15410.68, +0.20%) is settled in the range of 15000-500 and the last 3 sessions don’t show any great upward momentum with the possibility of a downmove inside the range increasing. The Shanghai (2057.47, -0.47%) failed to break above the upper end of the contracting range at 2080-90 which would signal a considerable bullish reversal towards 2140-80. This signals a continuation of the broader range of 2000-2090. Nifty (7624.40, +1.30%) tested the 7630 levels too after overcoming the initial selling pressure faced at 7570. The bias remains bullish but a correction of 40-60 points can be expected now before the next up move. estmansforextrainers.co.ke/
Posted on: Thu, 17 Jul 2014 04:22:09 +0000
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