Today's interesting charts
Comment of the Day

March 13 2013

Commentary by David Fuller

Today's interesting charts

David Fuller's view Price charts protect us from dated views which are no longer relevant, or premature views which have yet to be recognised by the crowd.

The USA's KBW Regional Banking Index (weekly & daily) is pushing above lateral resistance near 60, dating back to 2010. A close beneath 58 is required to check upward momentum and indicate an upside failure.

Italy's S&P MIB Index (weekly & daily) has been underperforming since the big downside key day reversal on 30th January halted the rally. A close above 16,290 is now required to reaffirm support near current levels and also indicate renewed demand.

India's Bombay Banks Index (weekly & daily) bounced from its prior trading range and the 200-day MA but has encountered further selling pressure beneath the recent peak and also the 2010 high. Consequently it is a potential negative indicator for the broader Sensex, and requires a close above 14,060 to improve the overall technical outlook.

The US Dollar Index (weekly & daily) is somewhat overextended, albeit still in form, following a strong rally from prior lows which commenced at the beginning of February. A close beneath 82 is required to check the upward bias which often occurs when stock markets are entering a corrective phase.

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