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Financials Remain Vulnerable In The Near Term

  • EM Financials remain vulnerable in the near term in the current risk off environment as surging recession risks could continue to weigh the cyclical stocks.
  • EM MSCI Financials Index continues to trade at the low of its downward trending channel, currently flirting with the 301.60 support line.
  • A break below that level would bring us to November 2020 lows.
  • Next key level to watch on the downside stands at 295.20, which corresponds to the 50% retracement of the 223.80 – 366.60 range.
  • On the topside, resistance to watch stands at 312 (38.2% Fibo retracement).

Source: Bloomberg

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