Asian markets weekly outlook for 19 to 23 Dec. 2016

ASX 200 looks overbought support zones 5520-5400

ASX 200 looks overbought support zones 5520-5400

Asx 200 index this week closed with loss at 5589. Asx price trend and momentum is stills strong bullish but index is trading in overbought position so to me upside looks limited while downside is wide open. For December, asx major swing target was 5680 but current topped out price pattern suggest downside for index in next week and targets of 5520 and then 5400. 5400 level I most important level, if weekly closing happen below it then it will mean fresh downtrend and sharp selloff for this market. Nikkei 225 achieved target 19170 next is 20000

Nikkei 225 achieved target 19170 next is 20000

Nikkei 225 index this week closed with strong gain at 19401. This was sixth week of gain for this index and in these 6 weeks Nikkei rallied from low of 16100 to highs of 19440. Total 3300 points rally and strong momentum still alive. This week Nikkei achieved my month swing target of 19170 and now heading for 20k level which is expected in next week. From long term view, Nikkei entered into bullish zone and expect 21100 and then 23200 targets in next 6 to 12 months. 18820 is major support for long term investors. Hang Seng hit sell swing target of 22100 now looks oversold

Hang Seng hit sell swing target of 22100 now looks oversold

Hang Seng Index this week closed at 22020 with heavy loss. This week we almost saw 900 points drop in this index from top. Hang Seng Index price trend and momentum both are bearish and on downside my first swing target was 22100 and now next target is 21400 but current price pattern as well indicators levels suggesting oversold market and expect strong bounce back in next week. On reversal above 22k expect upside target for Hang Seng Index at 22680. Weak SSE Composite Index hit target 3135 now time to buy

Weak SSE Composite Index hit target 3135 now time to buy

SSE Composite Index this week closed at 3122 with heavy loss. From top we saw almost 150 points drop in this week means almost 5% losses for this Chinese stock index in this week.   SSE Composite Index given breakdown at 3220 level and target was 3135 which got achieved in this week and another breakdown was seen below support of 3135 and swing low of 3100. Below 3135, SSE next major support as well as target is at 3020. But current price as well as indicators pattern suggest bottomed out stage and upside for this index in next week. On upside 3135 and then 3220 as target zones.

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Updated: 07/06/2017 — 1:44 AM

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Pramod Baviskar

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