ASX 200 weekly forecast- near target 5840
Asx index this week closed at 5809 with gain. In last 3 weeks we saw strong rise in this index and given 200 points rally in these 3 weeks. Asx future price trend and momentum both are strong bullish. Asx is near my swing target of 5840 and above 5840, expect another bullish breakout for target 5945. From long term view, asx is in Bull Run and heading for 6045 target look like commodity boom helping this Australian index to zoom towards skies.
Nikkei 225 weekly- remain buy on dips target 19700-20325
Hang seng weekly- bullish breakout for target 22800-23750
Hang seng index this week closed with gain at 22500. This was second weekly gain for this index and in these 2 weeks hang seng rallied from low of 21500 to highs of 22600. Total 1100 points rally and bullish breakout above 22150. Hang seng is now bullish and buy on dips for my swing targets of 22800 and then 23750. From long term view, 21500 was bottom and now reversal rally has long term target at 24650 in 2017.
Shanghai composite weekly-bullish breakout above 3145 tgt 3230
Shanghai composite this week closed with gain. This was second weekly gain for this Chinese major index. Shanghai composite has hit bottom at 3070 and taking support around those level given strong reversal. Now trend is bullish and above 3145,will be 3230. From long term view, Shanghai composite is looking weak and below 3100 expect deep downside up to 2650 to 2175.
Sensex weekly-hit 26970 target next is 27400+
BSE sensex 30 index this week closed at 26760 with gain. This was second positive week for this index major index. In last 2 weeks we saw almost 1000 points rally in sensex and bullish breakout above 26350. On upside my first swing target was at 26970 which already hit this week and sensex recorded high just above 27k. Above 26970,and next positional target will be 27400. From long term view, sensex above 25900 remain buy for my long term target of 29400.