KOSPI Technical Analysis
The KOSPI in South Korea has given back the initial gains on Monday to show signs of hesitation, but quite frankly, this is a market that I think probably will have plenty of buyers on pullbacks.
KOSPI has been one of the better performers for months now, and at this point in time, I believe that the 5,000 level will continue to offer support, but I would be surprised if we even got that low. Somewhere around 5,400 I would look for buyers to come back in and try to support what has been a very strong run of play for the South Koreans.
NIKKEI 225 Technical Analysis
The NIKKEI 225 is a little bit negative during the trading session on Monday. Again, I think this is a positive market as well, but we just do not have the momentum to get things going at the moment.
I would like to see a little bit deeper correction that I can take advantage of just from a trade management standpoint, but clearly, the only direction to trade the NIKKEI 225 right now is to the upside. The 54,750-yen level should continue to be supported, and now we have the 50-day EMA racing towards it as well, so I think that is a good sign as well.
NIFTY 50 Technical Analysis
The NIFTY 50 in India had a very strong day after initially gapping lower but then shot straight up in the air to test the 50-day EMA. If we can continue to break above the 50-day EMA, then it opens up the possibility of a move to the 26,000 level.
The 200-day EMA underneath is offering support, and really, I think anything that moves towards that probably would be a potential buying opportunity. I still like buying dips here.
