Nick Batsford, Zak Mir and Mike Ingram reunited to look at the major Indices, as well as a focus on a few stocks and GBPUSD.
Batsford began with the S&P 500, and noted that the index is retracing to test short-term support at 2000, with failure warning of another test of support at 1870 whilst respect would indicate a continuation of the bear rally to test resistance at the high of 2130. Mir added that the failure below before the gap is what you would expect to see in a disaster.
He continued onto the DIJA which retraced to test support at 17000 on the weekly chart, with respect of that support indicating a rally to test the previous high of 18300, meanwhile failure would warn another test of primary support at 16000.
Batsford moved onto the DAX, and commented that it remains weak, with the index retracing to test support at 10000, with reversal below 10000 likely and would warn of another decline; follow through below 9500 would confirm. On the other hand, recovery above 10500 is unlikely but would indicate continuation of the bear rally. Ingram commented that the DAX is a very cyclical index and is exposed to weak sentiment from China.
In terms of the FTSE 100, he believed the index is resilient, and added that it respected resistance at 6500 and is retracing to test the short-term support at 6250. Reversal below 6000 is unlikely, but would confirm the primary down trend in the index. Ingram noted that the FTSE faced a summer of all storms including a stronger USD and a fall in the miners which weigh heavily on the index.
Watch the video to see more in depth analysis on Japan’s Nikkei 225, the Shanghai Composite, Hong Kong’s Hang Seng and the VIX, as well as GBPUSD and the NASDAQ.
When concerning TERN, Mir noted its announcement yesterday, which resulted in an end of day close above the 50-DMA which put the stock back into bull mode, with a target of 30p.
Mir noted CPX which is looking for support towards 5p, but urged to wait for a break above the 50-DMA before going long.
He continued on to MQS, which recently broke the 200-DMA and could head up to 40p. A retracement is likely but Mir acknowledged a missed chance in this stock.
He finished with AGQ, and outlined a W-shape reversal highlighting a target towards 13p. He added that this follows increased confidence with small mining stocks going up.
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