Weekly Wrap

For the month of Jul, Asian(Ex-J) three major indices clearly outperform the US, Shanghai SSE gained the most with 7.5% up, while Hang Seng HSI gained 6.8%, STI gained 3.6% in the month.

Weekly performance review below, Shanghai and Hong kong leading the upside, whereas STI lost marginally with 0.2% loss.

STI uptrending is well intact, within its ascending channel. My immediate support level is at 3310, which is the prior resistance turn possible support, also its ascending channel support line.

HSI looks bullish and expected to move further upside in short to medium term. It has formed a potential ascending triangle, which is a bullish sign. Short term support 24000, resistance 25000.