Singapore Stock Market News

Is Asia's rebound over?

StockFanatic
Publish date: Mon, 29 Jul 2013, 10:14 AM
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Daily chart for MSCI Asia ex-Japan
The MSCI Asia ex-Japan's (MAxJ) rebound since end-May could be over soon and the monthly MACD just turned negative this month. The key support level for the index is at 500pts.

The US S&P500's uptrend wavecount could already be completed but it is still too early to call the top. Breakdown below the major support trendline (1,625pts) should convince us that this uptrend is over.

Gold continues to rebound but could face resistance at US$1,340-US$1,390.
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