The CRB Continuous Commodity Index (Old CRB) (weekly & daily) appears to be consolidating gains since January in its first step above the base. A close beneath 550 would be required to delay significantly scope for sideways to higher ranging.
Gold retraced half of its gains following the daily and weekly key reversals shown on these charts (weekly & daily). However, it steadied above prior support evident below $1275 and a close beneath this level would be required to question current scope for sideways to higher trading.
China’s Shanghai A-Shares Index (weekly & daily) appears to be in a lengthy bottoming area and has seen its second upward dynamic since the March low. However, it needs a clear break of the long progression of lower rally highs, best seen on the weekly chart, to indicate that a significant recovery is underway.
Vietnam (weekly & daily) remains steady, albeit somewhat overextended relative to its 200-day MA, consolidating this year’s significant gains. While it will most likely to continue to range near 600, possibly for a few months, underlying support should cushion downside risk and support higher levels over the medium to longer term.Back to top