Today's interesting charts
Comment of the Day

November 21 2011

Commentary by David Fuller

Today's interesting charts

Technical condition can change rapidly in volatile market conditions.

David Fuller's view Indonesia's JCI Index (weekly & daily) tested its September low before rallying strongly last month. However, the rally lost upside momentum in the upper-middle region of its trading range over the last year and a close above 3880 is now required to confirm renewed demand near current levels and scope for a further test of the upper boundaries.

India's Sensex Index (weekly & daily) had its October rally checked by the declining 200-day MA and has fallen steadily back to test its August to early-October lows just beneath 16,000. The decline looks somewhat overstretched but a clear upward dynamic will be required to indicate more than temporary support in this region.

FTSE 350 Banks (weekly & daily) corrected its somewhat overextended decline against the MA in October and has fallen steadily subsequently to test the year's lows. It is temporarily oversold but given the overall downward bias, an upward dynamic is required to indicate more than tentative support in this region.

Euro STOXX Bank Index (weekly & daily) steadied near its 2009 lows in September following a persistent decline. However it has fallen back towards the lows once again and an upward dynamic plus a close above 106 is now required to reaffirm support in this region.

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