Technical Analysis: World Index March 9, 2020 1130

  • The world indices has seen the worst drop in a single week
  • Expect further downside as the market is on the bearish impulse. 
  • Do note that bullish impulse might be a correction. 

 

Support Level 1: 2953.69                                                               Resistance zone 1: 3218.34-3231.18

Support Zone 2: 2600-2655.35                                                    Resistance zone 2: 3360.00-3390.00

 

  1. STI has broken the previous support of 3040.
  2. Should Support level 1 of 2953.69 be broken, the next level of rebound may be at 2760.97-2707.23.

 

Support Zone 1: 1451.76-1420.20                                              Resistance zone 1: 3218.34-3231.18

Support Level 2: 1315.58                                                              Resistance zone 2: 3360.00-3390.00

 

  1. Downward channel forming.
  2. Price rebound at the support zone 1 may be a correction. Impulse movement is still bearish.
  3. False breakout expected and price may resume its downward trend upon reaching Resistance zone 1.

 

Support Zone 1: 5427.16-5333.54                                              Resistance zone 1: 5800-6000

Support Level 2: 5014.50                                                             Resistance zone 2: 6355-6360

                                                                                                           Resistance zone 3: 6600-6683

 

  1. Symmetrical triangle formation has been invalidated.
  2. Price had a slight rebound at support zone 2. Should price close above 5500, there might be a short-term bullish correction.
  3. Weekly gravestone doji suggest price may have a rebound to near resistance zone 1

 

 

Support Level 1: 1343.13                                                               Resistance zone 1: 1547-1566

Support Level 2: 1219.45                                                               Resistance zone 2: 1721-1748

 

  1. TSE descending channel has broken the lower bound.
  2. Price may attempt to test and rebound at the support level 1.
  3. Stochastic Oscillator may be forming a potential oversold cross over below the oversold zone of 20.
  4. Weekly long legged doji formation may suggest a slight rebound to 1500.

 

Support Level 1: 24536.40                                                             Resistance zone 1: 29558-30217

Support Level 2: 21488.82                                                             Resistance zone 2: 32616-33513

 

  1. Hang Seng Index is forming a potential prolong corrective triangle.
  2. Price may see potential rebound at support level 1 once wave D is complete.

 

Support Zone 1: 20110.76-19689.90                                                        Resistance zone 1: 24165.91-24453.49

Support Level 2: 19001.23-18599.50                        

 

  1. Nikkei Index failure to break 24000 spells downside risk.
  2. Price has broken the immediate uptrend line.
  3. Price may rebound at support 1.

 

Support Zone 1: 1900                                                                                     Resistance zone 1: 24165.91-24453.49

Support Zone 2: 1819.40                              

 

  1. The KOSPI index is currently range bound.
  2. Price managed to maintain above 2000 level for the past 2 weeks. Hence a bullish rebound to 2100 to 2165 is possible.

 

 

Support level 1: 11250.00                                                                              Resistance zone: 13596.89-13797.80

Support Level 2: 10299.17

 

  1. German Dax has completed the 5-wave primary impulse phase.
  2. Current wave analysis indicates the DAX in a regular flat corrective phase.
  3. Price has broken though the lower bound of the falling wedge and the immediate uptrend line.
  4. Support level 1 may be invalidated given the strong bearish momentum after price broke 12,000 psychological level.

 

Support Level 1: 5788.74                                             Resistance zone 1: 7800-7904.70

Support Level 2: 5482.60                              

 

  1. The UK FTSE 100 index has completed its Primary 5 wave impulse phase. Current wave analysis indicates that the index is forming a regular flat pattern with ongoing (iii) of the C leg.
  2. Strong bearish fall is expected after price breaks the 6542.80 support level.
  3. (iii) wave target remains at 361.8% expansion level at 6165.66.

 

 

Support Zone 1: 25339.60-24663.55                                                        Resistance zone 1: 28876.21-29598.67

Support Level 2: 21712.53                            

 

  1. Dow Jones Industrial managed to stay supported above the support zone 1.
  2. Should price stays supported above the zone 1 for 2 consecutive periods, the price may enjoy a short term rebound.

 

Support level 1: 8636.79                                                              Resistance zone 1: 11377.91-11611.65

Support level 2:7056.24                

 

  1. Price has broken below 10,000 psychological level after confirmation of break down of the rising wedge.
  2. Support level 1 is holding the price. However, there is a high possibility the support level 1 may break and find itself rebounding at 8000 region highlighted in blue.

 

Support zone 1: 2822.30-2858.60

Support level 1:2735.73                                                                                                 Resistance zone 1: 11377.91-11611.65

Support level 2:2344.7

 

  1. SPX 500 remains elevated above the support zone 1.
  2. Formation of the gravestone doji gave the index some hope of a rebound. Should there be a formation of a strong bullish candle, we will see a morning star forming and see a short term rebound back to 3200.

 

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