By Chris Becker
The closed US markets due to the MLK holiday left risk markets floundering a little overnight with a pullback in European equities offset by higher oil prices. The newswires were dominated by the Chinese GDP figures and the latest IMF update to global growth risks, plus the usual Brexit imbroglio.
Looking at Chinese stocks first, where the Hang Seng Index resumed its climb, closing 0.4% higher to 27196 points. The daily chart shows how important it is for the market to really push through the previous falsebreak high above 27100 points. With price now well clear of the weekly downtrend (black line slanting down to the right below), the next level to clear is above the 27300 point level:
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