Technicals | Jul 03 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
After a quiet few weeks, the Nasdaq100 is retesting test trend channel resistance. While the Nasdaq100 remains below trend channel resistance currently at 20,050ish, allow for a for a deeper pullback initially towards uptrend support at 19,000.
However, if the Nasdaq sees a sustained break above 20,050ish it indicates the uptrend has resumed towards 20,500.
Australia: ASX200
The ASX200 has spent the past three months consolidating the rally from the November 6751 low to the early April 7910.5 high.
Providing the ASX200 remains above support 7670/50ish (closing basis), which includes the recent 7654.2 low and uptrend support from the April 7492 low, we hold a positive bias.
Aware that a sustained break above resistance at 7890/7910 would indicate that the recent period of consolidation is complete and that the uptrend has resumed towards 8,000.
WTI Crude & Gold
WTI Crude Oil finished lower overnight at US$82.81 (-0.68%), reversing lower after hitting a high of US$84.38 earlier in the session as fears of Hurricane Beryl’s impact on supply in the Gulf of Mexico eased.
After showing signs of rejection from ahead of a strong band of resistance US$85.00/87.00 area, we move from a positive to a neutral bias for now.
Gold finished marginally lower overnight at US$2329 (-0.10%), likely in a holding pattern now ahead of Friday’s all-important Non-Farm Payrolls release.
Providing gold remains above the band of support US$2285/75ish (closing basis), it keeps the uptrend in place and, with it, the possibility of a retest of the mid-May US$2450 high.
Aware that a sustained break below US$2275ish would lead to a deeper decline towards US$2200.
Technical limitations
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