Technicals | Feb 19 2025
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
After trading sideways for eight weeks as part of a correction from the 22,133-record high of mid-December, the Nasdaq100 hit a fresh record high at the end of last week a move which it extended marginally overnight.
As we have noted previously, a sustained break above resistance at 22,000/22,200 would confirm that the correction is complete and that the uptrend has resumed, targeting a move towards 23,000.
Conversely, while the Nasdaq remains below the 22,000/22,200 resistance zone, it leaves the correction open to another leg lower towards 20,500 with scope into the 20,000/19,800 critical support region.
ASX200
After rebounding from the lower bound of its multi month trend channel in late December, the ASX200 has since made fresh record high at 8615.
However, at the 8615 high there are signs of bearish divergence evident and loss of momentum, now confirmed.
As such we expect to see the ASX200 undertake a pullback towards support at 8360/50ish in the sessions ahead.
Crude Oil
WTI Crude Oil is trading higher at US$71.75/bbl (1.43%), boosted by the recent drone attack on a Russian oil pumping station that has caused “serious damage” and has slowed flows from Kazakhstan.
Technically, we are seeing evidence of basing ahead of US$70/bbl which suggests a bounce back towards US$74/75 is looming.
Gold
Gold is trading higher at US$2934/oz (1.24%) boosted by safe haven flows and tariff uncertainties.
Gold needs to see a sustained break above the recent US$2940/42 double top to open the way for a push towards trend channel resistance at US$3000/oz.
Technical limitations
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