Technicals | Nov 13 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 cracks noted in the Nasdaq100 in the lead-up to last week’s US election have been well and truly covered up after the index rocketed to fresh record highs.
Providing the Nasdaq remains above our key support now at 19,900/800 (raised from the 19,600/500 support area), we expect the rally to extend towards the next upside target at 21,500, with scope to trend channel resistance at 22,150ish.
Aware that if the Nasdaq100 were to see a sustained break of support at 19,900/800, we would expect to see a test of the 200 day moving average at 18,915 before trend channel support at 18,400.
Australia: ASX200
The ASX200 continues to rotate below a band of resistance that includes multi-month trend channel resistance at 8365-ish and its 8384 record high, 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 lower at US$2599/oz (-0.76%), undercut by the unrelenting grind higher in US yields and the USD.
The risks in the sessions ahead are for a further unwind of long gold positioning taking it back towards US$2550/oz.
WTI Crude
WTI Crude Oil is trading flat at US$68.13/bbl (+0.10%) after tumbling -US$4.00 in the previous two sessions.
Crude has been under pressure from a stronger USD and demand concerns, with the latest blow coming overnight as OPEC cut its 2024 and 2025 forecasts.
Following its rejection from the key US$72.50/oz resistance area, crude oil is eyeing support in the US$66.00/$65.00 area.
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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