Asian market weekly technical analysis report for 15 to 19 may 2017

Asx 200 weekly-hit 5850 bearish target now consolidating

Asx 200 weekly-hit 5850 bearish target now consolidating

Asx 200 index this week closed at 5870 with flat gain. This week we saw strong both side moves. Asx daily chart price trend and momentum both are down. On chart 5910 and 5930 are strong resistance zones and below 5930 on daily closing basis asx will remain weak and absolute sell. On downside it already achieved its bearish target of 5850. Breakdown below 5850 means downside up to 5760 levels which will be its next bearish swing target. From long term view, asx future is in strong bullish trend and rallied from 5600 to almost 6000 in 2017 and heading towards 6045 which is its first long term target for this year. Nikkei 225 weekly-strong bullish run hit 19600 and 19975 target zones

Nikkei 225 weekly-strong bullish run hit 19600 and 19975 target zones

Nikkei this week closed at 19883 with gain. This was forth gaining week for Nikkei futures and in these 4 weeks Nikkei rallied from 18200 low to almost 20k. On daily chart, Nikkei is in strong bullish trend and continue buying achieved its swing targets of 19600 and 19975. On chart, Nikkei supports are now at 19650 and then 19400 and these are fresh buying levels on retracement. On upside daily closing above 19975 means super bullish trend with sharp short covering rallied and targets of 20650 and then 21000. From long term view, Nikkei opened strong in 2017 given correction towards support of 17900 taken support just above it and now heading for 20950. Which is its first long term target zone for year 2017. Hangseng weekly-hit 25k target next tgt will be 25350

Hangseng weekly-hit 25k target next tgt will be 25350

Hang seng index this week closed with huge gains. We almost saw 600 point bullish rally in this week and fresh bullish breakout above 25k. Hang seng index price trend and momentum both are strong bullish. We saw mall correction towards 24300 support and after that strong reversal rally hit its target of 25k and now inching towards 25350 targets. On downside 24850 and 24700 are strong support zones as well as fresh buying levels in hangseng. From long term view, hangseng hit its 2017 bullish target of 24700 and now trading above it with bullish breakout for next major long term target of 27550. Shanghai index weekly-hit bearish tgt 3065 now reversal rally

Shanghai index weekly-hit bearish tgt 3065 now reversal rally?

SSE index this week closed at 3083 with loss but almost recovered all the losses from the lows. This week hit low around 3016. On downside 3065 and then 2985 were its bearish target zone and almost achieved both and now this strong recovery from lows suggesting bottom formation and reversal rally ahead. On daily chart, SSE has support zones at 3065 and then 3044 and these are buying levels with stop loss. On upside 3145 and then 3185 are resistances as well as target zones for this reversal rally. From long term view, SSE has broken down and entered into bearish trend. Below 3105 downtrend remain intact for long term bearish targets of 2635 and below. Sensex weekly-hit 30350 target next target is 30740

Sensex weekly-hit 30350 target next target is 30740

Sensex this week closed at 30188 with gain. Sensex is in strong bullish trend and with intermittent correction going up and up. This week it achieved its May bullish swing target of 30350 and now heading towards support zones of 30100 and 29900. Remain buy on decline with stop loss and positional targets will be 30350 and above it major target will be 30750 which is next major swing target zone for sensex future. From long term view, for 2017 sensex hit its long term target of 29650 and now heading for 32650 target zone which is its next long term target. On downside 26k was major support from where this rally was started.

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