Technicals | May 07 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
While the Nasdaq\100 remains below the 200-day moving average, currently at 21,177, medium-term downside risks remain, and we hold a bearish bias looking for a retest of the April 16,542 low.
Aware that if the Nasdaq100 sees a sustained break above the 200-day MA, it would indicate that the decline from the 22,222 record high to the 16,542 low is complete and that the uptrend has resumed.
ASX200
From its mid-February high of 8615, the ASX200 fell -16.78% to its early April 7169 low, a move viewed as a correction rather than the onset of a new bear market.
After its strong rebound from the April lows, we expect the ASX200 to spend some time (months) rotating around the 200-day moving average (currently at 8147), albeit with a good dose of the usual volatility viewed in May thrown into the mix.
Crude Oil
We take this opportunity to move to a more neutral bias after calling for crude oil to reject resistance in the mid-US$60s and for a retest of support in the mid-US$50s.
Gold
Gold finished higher at US$3431/oz (2.91%), on safe haven flows and as the USD eased on tariff uncertainty.
The pullback from the US$3500/oz high appears complete at last week’s US$3201 low, and provided gold holds above US$3200 we look for a retest of the US$3500/oz high.
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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