China, Germany, Greece, Crude Oil.. Are they crashing?

China, Germany, Greece, Crude Oil..the buzz words for today!  Are they crashing?

Today, all heard about in the Media was China, Germany, Greece, and Crude Oil.   Over and over, one expert to another expert talking about each situation.    Why?    They did they crash?

In in July newsletter, we talked about each one of these markets in the newsletter.   Let’s step through each market one by one..

Germany:

Below is the daily chart for the German DAX stock market.   Notice, price is consolidating.   Today, we reached the support of 10809.00 and bounced off it for now.   As long as this support holds, the Germany market will NOT enter a bearish trend unlike what other people are talking about on the news.

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Below is the weekly chart.   The weekly chart provides a long term view compared to a short term view of the daily chart.    The weekly charts shows a bullish trend with a pull back that is occurring.  The pull back support is the same support that is the bottom of the daily consolidation pattern.   If by chance, this support is broken then the German stock market can possible enter its first major pull back after starting the bullish trend.     It wouldn’t be a bearish trend but just a major pull back.

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China

China is the second major subject for today.    Below is the daily chart for the China Shanghai stock market.   The daily chart shows a major bullish trend that went through a major pull back.  The major pull back support didn’t hold at 4068.   As a result, the daily right now is indicating it is going to consolidate once a “bottom” has been registered.     We have outlined two possible supports for the bottom of the consolidation of the pattern.    Today, we reached the support of 3878 and held.

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The weekly long term view for the China stock market shows a strong bullish trend with a possibility of a major pull back NOW occurring.    The major pull back could take on any chart pattern.   Until more price action is seen, nothing can be determine.  However, the market is still bullish unlike what other people on the media is stating….

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Crude Oil

We have two daily charts for Crude Oil futures.   The white background is from Esignal and the black ground is from Tradestation.    The charts are different due to how they handle the “rollover” of the crude oil contracts.    In the newsletter, we posted the black background since that was the next support.   Today, price broke one support and held the white background support   This is the major pull back support for the bullish trend.    If this breaks then the bullish trend will be officially over and it will enter a consolidation pattern.

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Below are the weekly charts for Crude Oil.      We will focus on the white background future chart since price held the support on that one compared to the other one that was broken.    The chart shows that we are in a major bearish trend and we are at a critical support now.  If this support is broken, we have a high probability of retesting the low.

 

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Greece

Below the weekly chart for the Dow Greece Stock market.     The market is in a bearish trend and held the resistance 48.36.  As long as the resistance is held, the Greece stock market will remain in a bearish trend without a major pull back.

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About the Author Manesh Patel