A REVIEW ON ASIAN EQUITY BENCHMARKS

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features part of the review section highlighting chart pattern developments on Asian equity benchmarks.

REVIEW

Over the past few months two major breakdowns were featured on Asia equity markets. Both Korea Kospi 200 Index and Singapore Strait Times Index completed top formations and breached their long-term averages. Breakdowns also breached their multi-year upward trend line supports. Singapore Strait Times Index is now very close to its chart pattern price target at 3,100 levels. However, the index is in a steady downtrend and there is no evidence of a short-term bottom formation.

Korea Kospi 200 Index completed a year-long H&S top chart pattern after breaching the neckline at 304 levels. The index remains below its long-term average and in a steady downtrend. The year-long H&S top has an unmet price target at 273.7 levels.

China SSE 50 Index first breached its long-term average and then broke down its 4 year-long upward trend line at 2,615 levels. Last two month’s consolidation is possibly forming a symmetrical triangle that can act as a bearish continuation chart pattern. Strong resistance area remains between 2,615 and 2,625 levels. Chinese equities are in a steady downtrend.

Two Asian equity benchmarks are holding well despite the weakness in regional equities. Japan’s Nikkei 225 Index and Taiwan ETF (EWT) listed on the New York Stock Exchange, are going through tight consolidations. Charts below feature the 1st month continuation futures price chart for Nikkei 225 Index and the iShares MSCI Taiwan ETF (EWT). Breakout higher from these tight consolidations can be positive for both Japan and Taiwan equities.

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