TSX 60, NIFTY 50 and CAC 40 Forecasts – Global Indices Trying to Recover into Weekend

TSX 60 Technical Analysis

The Toronto index, the TSX 60, has shown itself to be somewhat supported near the 31,750 level, and on Friday, we’ll be looking to try to bounce back after showing signs of exhaustion. All things being equal, this is a market that I think needs to find buyers here or we will probably correct back down to the 200-day EMA.

Toronto, of course, is led by a lot of commodities as the Canadian economy is such a massive exporter of oil and other hard minerals and commodities. So, this is mainly a commodity play, although it does have a strong financial sector as well. I would look for a little bit of a bounce, but I would like to see it break the high of the session on Thursday before I put any money to work.

Nifty 50 Technical Analysis

The Nifty 50 in India continues to look absolutely miserable. We are now knocking on the door of 23,000 rupee and if we break down below there, we could see a flush to 22,000 rupees rather quickly. The market continues to languish while others have been somewhat resilient as the situation in India becomes somewhat untenable for investors, and of course, there are concerns about the rupee and business regulatory headwinds.

At this point, I believe that the Nifty 50 will probably break down, especially when you look at the candlestick from the Friday session; it just could not hold any gains.

CAC Technical Analysis

Paris looks like it is going to see the CAC try to stabilize right around the 7,800 euros level. We’ve been dancing around this area or close to it for several days now. The question, of course, is: will we hold?

A recapture of the 8,000-euro level on a daily close would be what I’d be looking for as a sign of returning strength. Until then, you have to assume that it is more of a sideways market than anything else, probably bouncing around between 7,750 and 8,000 as your range.

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