Technicals | Sep 18 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
The Nasdaq’s impressive rebound from the early September 18,400 low has it up nudging up against downtrend resistance at 19,620, which comes from the July high of 20,690.
A sustained break above 19,620 would signal that the correction from the 20,690 high is complete and that the uptrend has resumed towards 20,690 and then 21,500.
Conversely, a failure to see a sustained break above 19,620 would warn the correction is set for another leg lower towards the 200-day moving average at 18,200.
Australia: ASX200
The ASX200 requires a sustained close above 8150 to open the way for the rally to extend towards weekly trend channel resistance at 8230/50ish.
Conversely, a failure to see a sustained break above 8150 would keep the ASX200 range bound with scope for a retest of last week’s 7918 low.
Gold
Gold finished lower overnight at US$2569/oz (-0.51%), as the USD and US yields gained overnight following stronger-than-expected US economic data ahead of tomorrow’s FOMC meeting.
Provided gold holds above support at US$2530/20, the rally can extend towards US$2650/oz.
Aware that a loss of support at US$2530/20 would warn that a deeper correction is underway towards US$2470/oz.
Crude Oil
WTI Crude Oil finished higher overnight at US$71.19/bbl (+1.57%) as supply disruptions from Hurricane Francine continue to impact and ahead of tomorrow morning’s FOMC meeting.
Crude oil needs to reclaim resistance at US$72.50/bbl to gain a more stable footing and negate the downside risks.
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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