The Australian ASX is at an interesting juncture. Once of the first markets to recover from the initial credit crisis in 07, buoyed by its rich mineral base and exports to China. Interest rates are ticking up down under. And their cricket team is in transition. Strong resistance at current levels, which if broken through suggest a bullish move higher. There is support at 4,300. A decisive break below that level will activate a downside target of 2,900. Will resolve very soon.
We could have a potential flag formation here to the downside but it can be seen that the ASX need only close above 4,650 to activate the upside target.
The Hang Seng has recovered well. The last column of X's created a double top buy signal but note the recent resistance at and around these levels. Is this index topping?
Indonesia, not a market I follow but one which has now pretty much recovered its post credit crisis lows. Recent price action is bullish but note the horizontal resistance line from the last multi year high. No obvious downside targets at this time.
The South Korean Kopsi Index has hit short term resistance but an evidently strong bullish trend, as evidenced by the blue bullish support line If it can break this resistance further upside beckons. In the context of the ongoing friction with North Korea the market is clearly climbing the wall of worry in classic style. Short term support at 1,730.
Alas poor Nikkei I knew her well.........
Japan needs a weak yen. The yen remains strong. The market is hurting but fair play, it has recovered in recent weeks. In fact, we have support at 8,850 and an unactivated upside target of 10,200 (the current column of 0's needs to reverse, and the next column of X's push above 9,350 to activate. But some caution is required here. Look at where the most recent support was - below those levels seen previously (note the horizontal blue lines). That suggests bearishness to me.
A slightly fragmented chart of the Shanghai Composite, using a 20x3 close. This market was back in official bear market territorty but is trying to recover. There is an activated upside target of 3,220, which will have more credibility if the current resistance can be overcome and the markets pushes up to the interim target of 2,880.
And finally, the wonderful country of Singapore (well worth visiting). Similar recovery to that seen in Indonesia. A very bullish uptrend and again, a breack of current short term resistance suggests further upside. No obvious downside targets with this chart.
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