S&P/ASX 200 yearly outlook-remain buy tgts 6045-6388
ASX 200 index this week closed with loss. This was first negative week for asx after last 3 weeks continues positive closings. ASX 200 long term price trend and momentum both are bullish. Rally started at 5150 levels and gained almost 700 points from base. For 2017, ASX 200 index above 5400 remain bullish and buy on major dips. On upside ASX future has 2017 target zones at 6045 and then 6388. This week asx achieved my January swing target of 5840 and seen profit booking at this resistance. Daily chart price as well as indicators patterns are weak and suggesting correction or downside in next week.
Nikkei 225 yearly outlook-support 17900 targets 20900-22600
Nikkei 225 index this week closed with loss. After last week gains Nikkei seen some profit booking in this week. On weekly chart, Nikkei 225 future price trend and momentum both are strong bullish. For year 2017, Nikkei 225 major support zone is 17900 and above it Nikkei future will remain bullish and buy. On upside 20900 and then 22600 are. If Nikkei 225 breakdown below 17900 on weekly basis then that will be start of fresh downtrend and in that scenario target will be 16200. On daily chart, Nikkei is correcting towards January support of 18950 but outlook still bullish and short term target still at 19700.
Hang Seng Index yearly outlook-heading towards tgts 24600-27550
Hang Seng Index this week closed with gain as expected. This was third positive weekly closing for this major Asian index. In last 3 weeks, Hang Seng rallied from lows of 21500 to highs of 22900. Almost 1400 points rally and strong bullish momentum. For 2017, Hang Seng Index above 21400 support on weekly closing basis remain bullish and buy on major dips. On upside 24600 and then 27550 are target zones. Hang Seng achieved my January short term target of 22830 and closed above it with fresh bullish breakout. Above 22800, Hang Seng Index will head towards next target as well as resistance level of 23700.
SSE Composite Index yearly outlook-remain weak below 3100 tgts 2650-2200
SSE Composite this week closed with loss as expected. Shanghai Composite on long term chart looking weak and trading at major support of 3100. Weekly closing below 3100 will confirm downtrend for this index. For 2017,and my long term technical bearish targets will be 2650 and then 2200. If hold 3100 level and sustain above it then expect upside rally up to 3560. From short term view, Shanghai Composite has given breakdown below 3150 support and entered bearish trend for targets of 3020 and below.
Sensex yearly outlook-support at 25950 targets 29400-32500
BSE SENSEX this week closed at 27238 with gain as expected. On long term chart, BSE Sensex is in uptrend and taken support at 25700 levels. For 2017, BSE Sensex major support zone is 25950 and above it on weekly closing basis this index will remain bullish and buy on dips. On upside BSE Sensex long term technical targets are 29400 and then 32500. From short term view, BSE Sensex achieved my buy targets of 26900 and 27400. Above 2750, BSE Sensex will enter super bullish trend from short term view for targets 28000 and 28400 level. On downside 26950 will act as major support zone for BSE Sensex.