Germany – DAX (10283) Target (10100)
DAX opened with a huge down side gap below 200 DMA and closed with a a loss of 460 points yesterday. DAX was trading volatile near 200 DMA which showed a tussle between Bulls and Bears to take the control. With yesterday’s move, it seems that Bears have taken control.
France – CAC (4522) Target (4470)
CAC also opened with a huge down side gap and closed with a loss of 114 points yesterday. After closing below 200 DMA and breaking the support of 4750, CAC has entered into middle trading range which is between 4500 and 4750. Yesterday’s move remains within this range.
UK – FTSE 100 (6193) Target (5900)
FTSE 100 finished the day with losses of 92 points. Last week saw another lower top formation at 6323 followed by resumption of fall during the last few trading days. The pullback rally seems to have terminated at aforementioned high. In daily momentum studies daily oscillators have now reached overbought territory. The stochastic has given a sell signal at overbought territory while the RSI (14) and M.A.C.D indicator hovers around mid range. For the coming week resistance to the up move comes at 6450 followed by major resistance at 6650. Support below comes at 6000 followed by major support at 5850.
India – NIFTY (7791) Target (7650)
Backed by global sell off, Nifty also closed with a huge loss of 172 points yesterday. It fell down to 7781 and closed at lowest. After appreciating more than 400 points within 12 trading sessions, Nifty has fallen almost 200 points in just a single trading session. Medium term chart shows that Nifty is moving volatile within a broad falling channel of around 1000 points. It also shows two trading ranges of 500 points each within this channel.
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