A little bit of analysis of charts of intl markets too.. cause they seem to strengthen and augment my view on Nifty presented in the post below. Here goes...
First look at Hang Seng’s hourly chart – the market which we most closely follow
Today the Hang seng too broke below its major support line which was guiding its move from the early March lows.
Dow Jones Daily (Futures Chart)
Note this is Dow Jones Futures chart – which is why there are no gaps etc. Comments marked on chart itself.
Nasdaq has already broken below support line couple of days back, but importantly S & P 500 still inside a parallel channel.We’ll see whether we get a break or not. Across the forex market most pairs have broken below support levels and suggest that the trend has changed. You can read more about fx analysis on my other blog on forex technical analysis.