Technicals | May 28 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
We have been working with the view that last week’s rejection from a 3-month high of 21,482 marked the end of a Wave iii and the start of a Wave iv pullback (Elliott Wave).
The pullback would ideally take the Nasdaq back into the 20,500/20,300 support area before rebounding to retest/break last week’s 21,482 high for a Wave v.
Nvidia’s earnings report tomorrow morning will likely be the deciding factor as to whether the Wave iv pullback hits our Wave iv pullback target or sends the Nasdaq higher towards 22,000 for a Wave v.
ASX200
From its mid-February record high of 8615, the ASX200 fell -16.78% to its early April 7169 low.
After its stunning rebound and based on where futures closed this morning, the ASX200 will open within -2% of its record highs.
It would be unlikely for the ASX200 to come all this way and then not retest its 8615-record high.
As such, we stand aside on our call for a period of range trading.
Crude Oil
WTI Crude Oil finished lower overnight at US$60.89/bbl (-1.04%) ahead of this weekend’s OPEC-Plus meeting which is likely to see production in July increased by 411,000 barrels per day.
Technically, crude oil appears well contained within a US$55/US$65 range, with a sustained break above resistance at US$65.00/US$65.50 needed to open up a move towards the 200-day moving average at US$69.62/bbl.
Gold
Gold finished lower overnight at US$3300/oz (-1.25%), as risk sentiment continued to improve after US President Trump announced a delay to the 50% tariffs on the EU earlier in the week and after the sharp improvement in US Consumer Confidence.
In our Traders View note on Friday morning the 16th of May, we moved to a bullish tactical bias in gold at based on the view that gold had completed an “abc” style Elliott Wave correction from the US$3500 high at the US$3120 low.
After its retreat from trend channel resistance overnight (viewed on the chart below) we take this opportunity to move to a more neutral bias for the time being.
Technical limitations
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