The last 6 months, we saw Shanghai's SSEC, Mumbai's BSE and Tokyo's Nikkei trending in different directions. SSEC was in a downtrend line and in the past few days, it rallied to test that line. The question is whether SSEC can break above this downtrend line in the face of a nonsensical trade war between China and U.S.
Chart 1: SSEC's daily chart as at Sep 26, 2018 (Source: Stockcharts.com)
Chart 2: SSEC's weekly chart as at Sep 26, 2018 (Source: Stockcharts.com)
Nikkei was moving sideways until it broke out of the range to revisit its January 2018 high near 24000. Can it break above that high? We will have to wait and see.
Chart 3; NIKK's daily chart as at Sep 26, 2018 (Source: Stockcharts.com)
Chart 4: NIKK's weekly chart as at Sep 26, 2018 (Source: Stockcharts.com)
Lastly, BSE - which was in an intermediate uptrend- broke that uptrend line, S1-S1 last week. Hopefully it can find support from its long-term uptrend line, SS at 35500.
Chart 5: BSE's daily chart as at Sep 26, 2018 (Source: Stockcharts.com)
Chart 6: BSE's weekly chart as at Sep 26, 2018 (Source: Stockcharts.com)
My wish is for SSEC to break above its intermediate downtrend line at 2800. If it can do that, it may serve to draw back in international funds and some of these funds amy re-look at our market too.
No comments:
Post a Comment