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A sustained move over 2793.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for buyers to challenge the main top at 2814.00. Taking out this level will signal a resumption of the uptrend with the next target angle coming in at 2841.00. This is followed by another downtrending Gann angle at 2865.00. This is the last potential resistance angle before the 2889.00 main top.
A sustained move under 2789.25 will signal the presence of sellers. This could trigger a steep break into the major Fibonacci level at 2755.25, followed by Gann angles at 2741.25, 2722.25, 2717.25 and the major 50% level at 2713.25. These are the last lines of defense before the 2693.25 main bottom.
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· Asian shares fell on Monday as new data showed China’s economy slowed slightly in the second quarter, compounded by fears of a full-scale Sino-U.S. trade war looming over markets.
After briefly moving higher on early gains in China’s share markets, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.3 percent.
· Japan’s Nikkei surged to three-week highs on Friday, helped by a weaker yen and gains from index-heavy stock Fast Retailing after it jumped on the back of strong third-quarter results.
The Nikkei share average soared 1.9 percent to end at 22,597.35, its strongest close since June 21. The benchmark index gained 3.7 percent for the week to snap a three-week losing streak. It was the biggest weekly gain since late March.
· China stocks ended down on Monday, after data showed the country’s economy expanded at a slower pace in the second quarter, while a trade war with the United States threatened to hit exports.
The blue-chip CSI300 index fell 0.6 percent, to 3,472.09 points, while the Shanghai Composite Index closed down 0.6 percent at 2,814.04 points.
Reference: Reuters,CNBC
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