Technicals | 11:32 AM
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 decline from the mid-December 22,133 high into the mid Jan 20,538 low appears more corrective than impulsive and importantly it held above the mid-November 20,315 low.
As such, providing the Nasdaq100 holds above the 20,500/300 support band we look for a retest and break of above the 22,133 high with potential towards 22,800.
ASX200
In our last update before our break, we said that if the ASX200 remained above trend channel support and the support provided by the 200-day moving average at the 8000/7980 area, there was the potential for the ASX200 to retest the 8514 high and trend channel resistance.
This remains our base case, with the top-of-the-trend channel now coming in higher at 8620-ish.
Gold
Gold is trading higher at US$2742/oz (+1.27%) an eleven-week high supported by a lower USD and uncertainty around Trump’s tariff plans.
Technically, the break above resistance at US$2720 opens the way for gold to retest and break the US$2790 record high.
Crude Oil
WTI Crude Oil is trading lower at US$76.04/bbl (-1.74%), extending its retreat from the mid-Jan US$80.77 high after US President Donald Trump declared a national energy emergency and plans to boost US oil and gas production.
Crude oil starts the day above important support at US$75.10/00, coming from the 200-day moving average.
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.
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
