Malaysia KLSE Composite index formed a head and shoulder chart pattern. Head and shoulder top is a reversal chart pattern and it is bearish. Today the index slipped below the neckline at 1,770 level. Consecutive daily closes below the support at 1,770 level will confirm the breakdown and possibly push the index towards 1,650 levels […]
Parabolic moves are not sustainable. They are also not easy to trade. It is costly to pick a top or a bottom. Price usually doesn’t stop where we think it would stop. However as a chartist I feel the urge to bring such imbalances to your attention. Whatever the instrument, these type of price movements […]
It’s been the year of the U.S. dollar. USD gained strength against most of the developed and emerging market currencies. Central Banks in emerging markets had to adjust interest rates to control currency depreciation. There is one emerging market cross rate that is worth paying attention to. Worst might not be over for the Indonesian […]
Once again copper is at that critical support. The more price tests an important support level the higher the probability of it breaking down. This is the case on copper price chart. 3 levels have been tested several times over the past 3 years. Commodities have been weak but copper held well above major support. […]
Turkish financial sector has been strong over the past few weeks. I don’t have the deep knowledge or the resources to understand the reasoning behind this. I would welcome any thought. But here, I’d like to share some chart evidence that supports further strength in the banking and financial sector stocks in the coming months. I’d also […]
One would think after sanctions and geopolitical tension Russian equities would experience sharp corrections or at least minor pullback. Chart suggests the opposite. Russian equities are gaining strength and MICEX index is now challenging year-long resistance at 1,530 levels. MICEX Index is cap-weighted composite index calculated based on prices of the 50 most liquid Russian stocks […]
Global equity markets are experiencing significant weakness. I shared several updates over the past few weeks and updated the latest charts on twitter. It is important to share these updates with Tech Charts followers on different platforms. I’m adding latest tweets below. After my routine weekly global equity markets review I saw several major breakdowns suggesting this correction […]
It is the time to take a more defensive stance in the global equity markets. MSCI All Countries World Index which includes the performance of developed and emerging markets, found resistance at 430 levels and reversed. MACD, a momentum indicator is generating a sell signal on the monthly scale chart. These are all bearish signals. STOXX […]
Industrial metals continue to remain weak. Charts warn of a slowdown in global growth. Copper, usually regarded as Dr. Copper due to its leading indicator role for economic growth, is warning us of a possible breakdown and a correction. Chart patterns are result of human interaction. Forces of greed and fear meet in the market […]
Both DAX and Russell 2000 indices formed bearish chart patterns. These are developing chart patterns. In other words we still need to see confirmation. DAX is possibly forming a head and shoulder top. Neckline (support) is at 8,900 levels. Decisive breakdown below 8,900 will confirm the year-long top formation on Germany’s DAX index. Head and […]
