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.