Technicals | Oct 09 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, Nasdaq100
Provided the Nasdaq 100 remains above an important layer of support at 19,600/500, the index’s upside prospects remain intact, including a test and break of the mid-July 20690 high.
However, if this key support level were to break, it would warn of a deeper decline towards support at 18,400.
Australia: ASX200
The ASX200’s rejection early last week from its long-standing trend channel resistance 8250/60 area raised questions about its upside prospects.
Nonetheless, providing it holds above support at 8110/00, we will give the upside the benefit of the doubt.
Aware that should the ASX200 lose support at 8110/00ish, it warns that a deeper pullback towards 7900 is underway.
Crude Oil
The technical levels we are watching in crude oil are support at US$72.50/bbl and resistance coming from the 200-day moving average at US$77.25/bbl, as well as last night’s high at US$78.4/bbl.
Gold
Gold needs to hold support at US$2600/oz to keep the uptrend intact and prospects of another leg higher to US$2700/oz.
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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