Asx breakdown below 5640 means targets 5535 and 5340.
Asx 200 index this week closed at 5719 with loss. On daily chart, asx future trend and momentum both are strong bullish but indicators are topping out suggesting correction ahead. For month of January, asx might correct and test 5640 and below 5640, expect fresh downtrend and strong selling. Below 5640, asx future bearish targets will be 5535 and then 5340. If sustain above 5640 then expect another bullish leg of rally and targets up to 5840 and 5940.
Nikkei future below 18960 remain sell tgts 18335 and 17600
Hang seng index oversold but bearish tgts 21250 and 20600
Hang seng index this week closed at 22000 with gain. This was second positive weekly closing for this major Asian index. On daily chart, Hang seng index is in downtrend and seen some short covering at lower levels. For month January, Hang seng will remain sell below 22165 level. On downside 21250 and then 20600 are monthly supports as well as target zones if fails to cross 22165 zone.
SSE Composite Index remain sell for Jan. Targets 3020 and 2940
SSE Composite this week closed with gain. This was second weekly gain for this Chinese main index. But SSE Composite Index price trend and momentum both are down. As this bounce back get over we will see deep selling and downside up to 3020 and below it 2940 in month of January. On upside 3150 is major hurdle and breakout level. Above this level only expect upside and short term bullish cycle for SSE Composite Index. SSE Composite Index long term perspective also looking weak.
BSE SENSEX below 26365 will remain sell tgts 25925 and then 25300
closed at 26628 with gain. This was first weekly gain for index after last 2 weeks continues sell off. Sensex daily chart price trend and momentum both are bullish and on downside 26395 is major month support zone. Above this level, sensex future will remain buy and accumulate for targets of 27030 and then 27440 in January series. But daily closing below 26395 means fresh breakdown and primary downtrend will resume for targets of 25985 and then 25350. Sensex long term support is at 26050 and weekly closing below this with strong price and volume confirm downtrend for 2017 and long term bearish targets of 23100 and below. Above 26050, remain bullish and head for 29630 level.