Sunday, May 3, 2015

Indices short term support and resistance

Australia created a new recent high but unsustainable and broke pwl.  On Fri, Australia futures affected by US sentiment broke lhf and Diff RL.  UK futures also broke lhf and Diff RL on Fri.  

HK China H-shares forming symmetrical triangle, watch for any potential break.  

Dax broke strong support 11,600, next support level will be around 11,280 region. 

India is on a down trend channel in daily chart, 50 MA weekly still UT.  BOI (Bank of India cut 25 bps on  2 May 2015, may help markets trade higher in short term.  I will be caution in trading om the month of May.

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