Asian indices:

• Australia’s ASX 200 index rose 31.8 points (0.42%) and is currently trading at 7,601.00
• The Japanese Nikkei 225 index rose 249.59 points (0.71%) and is currently trading at 35,160.79
• Hong Kong’s Hang Seng Index fell -224.07 points (-1.07%) and is currently trading at 20,720.60
• China’s A50 index rose 2.55 points (0.02%) and is currently trading at 13,555.26

UK and Europe:

• UK FTSE 100 futures are currently up 27.5 points (0.36%), the spot market is currently estimated at 7,656.72
• Euro STOXX 50 futures are currently up 16 points (0.42%), the spot market is currently estimated at 3,912.81
• German DAX futures are currently up 69 points (0.48%), the spot market is currently estimated at 14,431.03

US Futures Contracts:

• DJI futures are currently up 153 points (0.44%)
• S&P 500 futures are currently up 119.25 points (0.85%)
• Nasdaq 100 futures are currently up 25.75 points (0.58%)

Asian stocks were mostly higher overnight as they tracked Wall Street sentiment. The tech-aware Nikkei was the session leader and the ASX 200 has so far defied our call to sign back. Instead, he tried to have another crack at his all-time high. A close above 7600 would be constructive, but if we see a break of yesterday’s low, it confirms the bearish reversal (bearish bar) and could trigger an average reversal. A break above 7633 takes it to a new high and suggests a continuation of the trend.

DAX supports higher forms

Yesterday we were waiting for the DAX to break through the 14,200 resistance to signal its next leg higher, and it achieved that in style by hitting our initial target around 14,360. and closing at the high of the day, it was a breakout with conviction. However, yesterday’s chart was on the intraday chart, but now we can zoom out to the daily and look at the bigger picture.

We can see on the daily chart that its retracement from the 14,935 high found support at the monthly pivot point and a Fibonacci ratio of 38.2%. As prices consolidated before the breakout, each candle was bullish to show that demand was in the region, and prices have now broken higher from a corrective channel. Our bias remains bullish above 13,885 although yesterday’s low can also be used to fine-tune risk management. Initial target is 14,600, 14,800 then highs just below 15,000.

FTSE: internal market elements

FTSE 350: 4268.5 (0.40%), April 21, 2022

• 6 stocks hit new 52-week high, 4 hit new lows
• 231 (68.14%) shares rose, 108 (31.86%) shares fell

Outperformers:

• +7.03% – Darktrace PLC (DARK.L)
• +7.02% – Jtc PLC (JTC.L)
• +5.88% – CRH PLC (CRH.L)

Underperformers:

• -5.38% – Ocado Group PLC (OCDO.L)
• -5.47% – Centamin PLC (CEY.L)
• -14.71% – Oxford BioMedica PLC (OXB.L)

To be continued (times in GMT)

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