Today's interesting charts
David Fuller's view
Price charts reveal the world's money flows.
India's
downward dynamics for the Sensex (weekly
& daily) and today's key day reversal
for the Bombay Banks Index (weekly
& daily) have capped the recent
rallies near previous resistance for at least the near term, if we see further
selling through Tuesday's close.
The USA's
DJ Utilities Average (weekly & daily)
was a strong performer following its November 2012 lows but commenced a reaction
of at least near-term significance in the beginning of May. It is now oversold
on a short-term basis and approaching the first obvious area of potential support
near 500. However, an upward dynamic will be required to signal that demand
is regaining the upper hand.