Charting the Fatigue in Asia Stocks Losing Grip on Six-Week Run
UBS Sees Asia Earnings Growth Broadening Out in 2018
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A handful of stock charts display the psychological markers that proved the boundary of a six-week streak of gains for Asian equities. The MSCI Asia Pacific Index slipped 0.5 percent from Monday to Friday, halting a rally that had lifted it about 6 percent in a month and a half.
After last week’s retreat, the Asian share gauge is at risk of forming “double-top” technical pattern, falling about 1 percent from its highest point of 171.83 this year. The next 76.4 percent Fibonacci retracement support level from a high in December 2007 to a low in March 2009 will be at 148.3, a 13 percent downside.