Update on Asian Market Indices

STI

The Straits Times Index is strong. Strong uptrendline holding. Close above the 50 day MA. Very close to confirming double bottom pattern with close above 3170.

Fundamental news wise the Singapore's investment banking fees for the first quarter this year rose 39 per cent year on year to US$203.6 million, the highest first-quarter fee volume on record. This is despite a fall in the total number of deals managed in the first quarter to 124 from 172 in last year's first quarter. The rise in investment banking fees also contrasts with a 5.4 per cent year-on-year slump in investment banking fees generated in Asia Pacific ex-Japan over the same period, data from Thomson Financial shows.

Looks like the Singapore banks are going to rally on Monday! STI will shoot up!



NIKKEI 225
The Nikkei 225 is trading in a descending broadening wedge pattern. It attemtped to test the 25 day moving average. It already tested the 50 day MA once. 2nd time lucky?



SSE
The Shanghai Stock Exchange has a bullish engulfing candle. Is this the reversal? News out that although China's consumer price inflation hit an 11-year high of 8.7 per cent in February, the central bank was prepared to ease monetary policy if necessary to prevent a slowing global economy from cutting Chinese growth sharply later this year.



HSI
The Hang Seng Index broke out of the descending triangle on Friday. Going to test the 50 day MA? Note the possible double bottom formation as well.



KOSPI
The KOSPI has broken out of a descending triangle pattern. It also looks very close to confirming a double bottom pattern. A close above 222 would confirm it.


Overall it looks like the Asian bourses are all looking bullish from the charts as well as the news over the weekend. Is there going to be a major rally next week? Let's wait and see!