By Chris Becker
With the long weekend at hand in the US and UK markets closed as well, the focus was on the European continent as markets reacted to the EU parliamentary elections. While the Brexit Party got a big hold, the populists and nationalists didn’t fare as feared, helping lift sentiment.
Yesterday saw Asian stock markets start the week in a generally upbeat mood with the Shanghai Composite surging after the long lunch session to close nearly 1.4% higher to 2893 points, while the Hang Seng Index was looking to close in the green but eventually fell 0.25% to 27288 points to make another new daily lows. The daily chart shows a deceleration pattern with a bottom potentially forming here at the 27000 point level, but there is very little buying support as price stays away from even the low moving average. I’m watching the 27000 point level very closely for signs of a full inversion:
