Technicals | Oct 30 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
There is no change to our technical view. Provided the Nasdaq100 remains above short-term support at 20,000 (closing basis) and a more important layer of support at 19,600/500 (closing basis), we look for the Nasdaq100 to test and break the mid-July 20,690 high before a push towards 21,500.
Aware that if the Nasdaq100 were to see a sustained break of support at 20,000 and then at 19,600/500, it would warn that a deeper decline is underway towards initial support at 18655 coming from the 200-day moving average.
Below that, we have the September 18,400 low and then uptrend support at 18,100 coming from the December 2022, 10671 low.
Australia: ASX200
The ASX200 continues to consolidate below multi-month trend channel resistance, which currently resides in the 8350/60 area and above important support at 8110/00.
A sustained break of either of these levels is needed to indicate in which direction the ASX200’s next significant move will come.
Gold
Gold is trading higher at US$2774/oz (1.18%), extending its record-breaking run as US yields and the USD eased, supported by expectations of future central bank rate cuts and geopolitical uncertainties.
Gold remains well entrenched within a bullish trend channel, with support viewed at US$2665-ish and resistance near US$2800/oz.
WTI Crude
WTI Crude Oil is trading higher at US$67.50/bbl (0.21%), supported by API data, which showed crude oil inventories fell by -573,000 barrels last week vs expectations of a 2.3m gain.
With geopolitical concerns on the back burner for now, this week’s data-rich US calendar will provide more insights into the demand outlook for crude oil ahead of next week’s US election and China’s NPC standing committee expected to reveal the details of the country’s fiscal stimulus package.
Technically, providing crude oil remains below the US$71.50/72.50 resistance area, the risks remain to the downside, including a retest and break of the September US$65.27/bbl low.
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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