Charts say stocks near bottom, poised to recover-Fortis SINGAPORE, April 14 (Reuters) - Equity markets have found a bottom and are poised to hit new highs in the second half of this year, according to a senior chartist at Dutch-Belgian bank Fortis. Paul Nesbitt, London-based technical analysis director at Fortis Private Bank, told Reuters on Monday that the Dow Jones industrial average .DJI may rally to 15,781 points this year, a gain of more than a quarter from Friday's close of 12,325.42. His forecasts, based on trend lines linking the market's recent lows as well as technical analysis such as Wave Theory, applied to European stock markets as well as older Asian equity benchmarks such as Hong Kong's Hang Seng .HSI and Singapore's Straits Times Index .FTSTI, he said. "I would expect these markets, based on history, to hit a new high," he said, adding that many technical indicators showed the markets' recent reverses were "corrections within an ongoing bull" rather than the start of a bear market. to continue reading click here
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