Nick Batsford, CEO of Tip TV comments on the technical developments of the DAX, the FTSE 100, the Shanghai Composite and Nikkei 225.
DAX recovery unlikely?
Batsford noted how Germany’s DAX retreated below 1150, which came with a warning of a bull trap and correction to test the support at 10750/11000. In the short-term, he believes recovery above the 11750 remains unlikely.
FTSE 100 to test downside
Batsford continues by commenting on the FTSE 100 which also retreated, but in this case below 6750. He continues by adding the warning of another test of the 6450/6500 level.
Shanghai Composite resistance at 4000
He notes that it is likely to face stubborn resistance at 4000, whilst government efforts to stem the crash are unlikely to restore credibility to stock prices.
Nikkei 225 about to break out?
He expresses how Japan’s Nikkei is the least bearish, testing the resistance at 21000. Batsford notes how a breakout would confirm a fresh advance.