Technicals | Mar 12 2025
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
After making a marginal fresh record high on February 19th, the Nasdaq100 promptly retreated below 22,000, falling back into its prior eight-week range. The retreat was highlighted as a false break higher and has been followed by a fall of cica -13.5% from the record 22,222 high.
Earlier this week, the Nasdaq100 closed below uptrend support at 19,900 from the December 2022 low after closing on Friday night below the 200-day moving average at 20,247.
This opens the way for a deeper pullback towards 18,000, with sellers now expected to be viewed on bounces back to the 200-day moving average at 19250.
ASX200
The ASX200 sliced through a number of key support levels last week including:
-Multi-month trend channel support at 8150-ish
-The 200-day moving average at 8130
-A band of horizontal support at 8060/50 from the lows of late 2024
-The psychologically important 8000 level
The ease with which these levels broke left those looking to buy the dip mainly watching from the sidelines.
This appears to be the right course of action until the ASX200 hits 7600.
Crude Oil
WTI Crude Oil is trading higher at US$66.61/bbl (+0.73%), aided by a sixth session of losses for the US dollar.
Nonetheless, crude oil continues to strain under the weight of US tariff uncertainty, US growth concerns, the potential lifting of US sanctions on Russia, and OPEC-plus opting to increase output.
At this point, weekly support around US$65/$62 is holding back the torrent of bad news.
Gold
Gold is trading higher at US$2915/oz (0.91%), aided by a sixth session of losses for the US dollar and safe haven flows.
Gold currently trades towards the middle of a bullish trend channel. The top of the trend channel is at US$3030ish, and the bottom is at US$2730ish.
We prefer to be a buyer near the bottom of the trend channel.
Technical limitations
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