Today's interesting charts
Eoin Treacy's view The
50,000 level has offered resistance on
a number of occasions over the last two years. It has rallied impressively back
to test that level this week but a sustained move above that it will be required
to reassert medium-term demand dominance. Romania
has a relatively similar pattern while the Czech
Republic continues to bounce from the lower side of its range.
Saudi Arabia, Dubai, Qatar and Oman all continue to extend their respective breakouts. While they are becoming increasingly overextended, clear downward dynamics would be required to check momentum.
Brazil – bounced impressively from the July lows but has at least paused below the psychological 50,000 area. It will need to find support above 45000 during the current pullback if a recovery hypothesis is to be credible.