By Chris Becker
Market reaction was again dominated by breakdown in the oil price complex as June WTI crude futures fell nearly 70% while Brent was down 30%, both at near 20 year lows. This dragged the wider risk complex down with Wall Street and European stocks tumbling and setting back the hopeful rally significantly. It was a race to safety with bond yields dropping to record lows again.
Looking at Asian share markets from yesterday where the Shanghai Composite almost finished 1% lower to 2827 points while the Hang Seng Index was off twice that, closing 2.2% lower to 23793 points, as price completed its rollover here on the daily chart. Daily momentum could never quite get positive here with resistance overhead (short black line) at the 24600 point level unable to be breached:
