Eoin Treacy's view The 50,000 level has offered resistance on a number of occasions over the last two years. It has rallied impressively back to test that level this week but a sustained move above that it will be required to reassert medium-term demand dominance. Romania has a relatively similar pattern while the Czech Republic continues to bounce from the lower side of its range.

Saudi Arabia, Dubai, Qatar and Oman all continue to extend their respective breakouts. While they are becoming increasingly overextended, clear downward dynamics would be required to check momentum.

Brazil – bounced impressively from the July lows but has at least paused below the psychological 50,000 area. It will need to find support above 45000 during the current pullback if a recovery hypothesis is to be credible.