Technicals | Jun 12 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
Following its month-end rebalancing-related sell-down into the end of May, the Nasdaq100 rebounded nicely in June to be eying its next upside target, the 19450-ish area coming from the trend line drawn from the July 2023 high of 15,932. Sellers will likely operate in this area.
On the downside, buyers will likely lean against the late May 18,189 low and uptrend support at the 17,850 area.
Australia: ASX200
We think the final month of FY 2024 will see a period of sideways trading for the ASX200 before an eventual break higher towards 8000.
A sustained move above resistance at 7900/10 would confirm the next leg higher has commenced.
WTI Crude & Gold
WTI Crude Oil closed higher overnight at US$77.74 (+0.23%), extending its rebound ahead of the upcoming US CPI & FOMC doubleheader after the US Energy Information Administration raised its demand forecasts for the year.
While the rebound from last week's US$72.48 low has been impressive, crude oil needs to see a sustained break above the resistance US$80/81 area to indicate a low has been struck and that a stronger recovery is underway.
Gold closed higher overnight at US$2316 (+0.26%). Providing gold remains above the band of support US$2285/75ish (closing basis) it keeps the uptrend in place and will prevent the pullback from deepening towards US$2200.
Views expressed are not by association FNArena's.
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