Technicals | 10:45 AM
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
Providing the Nasdaq100 remains above last week’s 20,315 low and above medium-term support at 19,900/800, we look for a retest and break of the 21,182-record high from earlier this month before a move towards 21,500.
Aware that if the Nasdaq100 were first to see a sustained break of medium-term support 19,900/800 area, it would warn that a deeper decline is underway towards the 200-day moving average at 19,077 reinforced by trend line support at 18,800ish.
Australia: ASX200
Yesterday’s retreat by the ASX200 has left Monday’s 8462 high exposed as yet another false break higher.
While this is provides another setback to the local market’s upside prospects, we do not see this week’s rejection as a “game changer” unless the ASX200 were to lose support at 8300.
We are mindful that the ASX200 needs to see a sustained break above trend channel resistance, currently at 8400-ish, to confirm a break higher is underway towards 8600.
WTI Crude
WTI Crude Oil is trading lower at US$68.58/bbl (-0.52%) on reports that Israel and Hezbollah have agreed to a ceasefire.
The price also weighed on by the reports earlier in the week that Trump’s transition team will prioritise increasing US oil and gas production from Day 1.
While crude oil remains below resistance at US$72.50-ish, downside risks remain towards the range lows US$66.00/65.00 area.
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.
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
