Technicals | Jul 10 2024
Earlier today, Tony Sycamore, Market Analyst, IG updated his views and thoughts on financial markets, including the technical analysis updates below.
All material has been re-published with permission and does not by association represent FNArena’s views (we have none, we simply report).
First Up, The Nasdaq
Last week, the Nasdaq 100 surged above recent highs and weekly trend channel resistance at 20,050ish. While we wouldn’t be chasing the rally higher, nor are we looking to fight it, as a move towards 22,000 doesn’t seem out of the question in the months ahead.
Australia: ASX200
The ASX200 has spent the past three months consolidating the rally from the late October 6751 low to the early April 7910.5 high.
Providing the ASX200 remains above support 7680/50 (closing basis), which includes the recent 7654.2 low and uptrend support from the April 7492 low, a positive bias is in place.
A sustained break above downtrend resistance at 7880 and then the all-time high at 7910 is needed to indicate the uptrend has resumed towards 8,000
WTI Crude & Gold
WTI Crude Oil finished lower overnight at US$81.77 (-0.67%), extending falls on reports that major refineries and ports along the Gulf Coast are set to re-open after Hurricane Beryl’s impact was less than feared.
Crude oil is eyeing a band of horizontal support at US$80.50/US$79.50, reinforced by the 200-day moving average at US$79.21.
Gold finished higher at US$2364 (0.20%) in quiet trading ahead of tomorrow night’s US inflation update. Providing gold remains above the band of support US$2285/75ish (closing basis), we expect a retest of the mid-May US$2450 high. A break above US$2450 would open the way for a push towards US$2500.
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
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