Today's interesting charts
Comment of the Day

September 13 2010

Commentary by David Fuller

Today's interesting charts

David Fuller's view Only price charts show you where the money is flowing.

India (Nifty) (weekly & daily) is extending its upward break following a lengthy consolidation. A close beneath 5350, which appears unlikely anytime soon, would be required to offset current scope for at least a test of the January 2008 peak.

China (Shenzhen B-Shares) (weekly & daily) is extending its upward break in an orderly fashion (note the equal sized reactions during most of this latest advance) and a close beneath 700 would be required to check momentum towards a test of 2007's resistance near 800.

Taiwan (TWSE) (weekly & daily) broke its progression of lower rally highs today and a close beneath the last reaction low near 7585 would be required to delay significantly current scope for sideways to higher trading.

Korea (KOSPI) (weekly & daily) consolidated gains from the late-May low in a tight range mostly above the September 2009 to April 2010 band highs, before breaking upward recently. A close beneath 1715 would now be required to delay significantly current scope for a further rally towards the 2007 peak near 2090.

Singapore (FSSTI) (weekly & daily) shows a similar pattern to Korea above and now that it has cleared psychological resistance in the 3000 region, a close beneath 2910 would be required to delay significantly current scope for a test of the 2007 top area.

Australia (AS51) (weekly & daily) is challenging its June and August highs near 4600 and a close beneath 4535 would now be required to check upward progress and reaffirm resistance in this area.

UK (FTSE 100) (weekly & daily) following a brief consolidation near former resistance in the 5400 region, this index has surged higher during the last 3 days. Consequently a close beneath 5360 would be needed to check momentum beyond a brief pause and to delay significantly a test of former resistance in the 5600 to 5840 region.

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