Market Talk – July 26, 2024
ASIA: The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 202.10 points or -0.53% to 37,667.41 Shanghai increased 4.16 points or 0.14% to 2,890.90 Hang [...]
Year-end For Asia
The Year-End number for the Shanghai share index is 3239.5. A closing above this number will keep the market in a consolidation mode. Resistance stands at 3478.01 and support going into 2018 will reside at 2444.0. A closing below 3478.01 will warn that we may see a retest of support.
In the case of Hong Kong, there is a risk of new intraday highs in 2018, but 2017 may remain as the highest annual closing. If this proves to be correct, then 2018 could form a major high given this is also lining up with the Pi Cycle. Critical support will now lie at the 28620 level.
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