A Twiggs Money Flow trough high above zero reflects strong buying support on the Seoul Composite Index. Breach of support at 2300 is unlikely but would signal a primary down-trend.
Japan’s Nikkei 225 Index broke resistance at 20200, signaling another advance.
Hong Kong’s Hang Seng Index has been in a strong bull market since breaking resistance at 24000 early this year.
India’s NSE Nifty Index displays strong buying pressure, with Twiggs Money Flow oscillating above the zero line. Breakout above resistance at 10000/10100 is likely and would signal another advance.
Target 10000 + ( 10000 – 9000 ) = 11000
Moving to Europe, Dow Jones Euro Stoxx 50 is headed for a test of resistance at 3650. A big Twiggs Money Flow trough above zero signals buying pressure. Breakout is likely and would offer a target of 3900*.
* Target calculation: 3650 + ( 3650 – 3400 ) = 3900
The UK’s Footsie is rallying strongly after a bear trap at 7300. Often the strongest bull signals start with a bear trap or false break through support. breakout above 7550 would offer a target of 7900*.
* Target calculation: 7550 + ( 7550 – 7200 ) = 7900
Canada’s TSX 60 continues to consolidate below its former primary support level at 900. Beset by a massive property bubble, with soaring household debt, and weak crude oil prices the index displays a similar pattern to the ASX 200. Declining Twiggs Money Flow warns of selling pressure. Breach of support at 880 would confirm the primary down-trend.