By Chris Becker
Sentiment swung wildly on Friday night particularly later in the session as Wall Street rallied, leaving Europe behind as more economic lockdown easings were announced across the globe. Commodities lifted, taking commodity currencies with them as the Australian dollar almost hit a three week high, while gold and copper advanced as Treasury yields continued to vacillate at their record lows.
Looking at Asian share markets on Friday where the Shanghai Composite closed 1% lower to 2808 points while the Hang Seng Index fell sharply at the close too, finishing 0.6% lower to 23831 points, as daily price action returns to the recent daily lows. Daily momentum remains in a negative mood here with resistance overhead (short black line) at the 24600 point level still unable to be breached, but the bears remain at bay with no new lows – sideways it is!
