Technicals | Apr 02 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
Following the Nasdaq100’s rejection of the 200-day moving average at 20,315 last week, the Nasdaq100 broke below the mid-March 19,152 low, finding support from the 18,806 low from September 2024, which we highlighted in this video (https://www.youtube.com/watch?v=utSBJ2AX6rU) from earlier in the week.
The break below the 19,152 low, as mentioned in the video link above, is viewed as either a minor Wave V low within the Elliott Wave framework.
If correct, this would suggest that a bounce back to the 200-day moving average at 20,315 is imminent.
Or this could mark the start of a Wave III or Wave C lower which targets a move towards 17,000.
As this suggests – we are very much on the fence here.
ASX200
After falling over 10% from its mid-February high of 8615, the ASX200 found support in mid-March in the 7740/30 area before briefly reclaiming the 8000 handle.
The ASX200 needs to recover above the 200-day moving average at 8141 and trend channel resistance (formerly support) at 8200 to indicate that the correction from the 8615 high is complete.
Until then, downside risks remain.
Crude Oil
WTI Crude Oil is trading at US$71.23 (-0.42%), reversing lower from a fresh five-week high of US$72.10 it hit earlier in the session, as traders opted to cut long positions ahead of US President Trump’s tariff announcements.
After basing in the mid-US$60s in early March, crude oil has largely met our expectation of rallying into the US$73-US$75 resistance zone, and we move to a more neutral bias.
Gold
Gold is trading at US$3118 (-0.15%), reversing lower after hitting a fresh record high of US$3149 earlier in the session as traders opted to cut long positions ahead of US President Trump’s tariff announcements.
Should a pullback develop in the coming sessions, we don’t expect it to be particularly deep due to concerns that new US tariffs will spark a global trade war and/or drive the US economy into recession.
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