Technicals | Jun 11 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
Post the Nasdaq100’s surge higher on the 12th of May, we have been working with the view that the rally in the Nasdaq100 from the 21st of April 17,592 low is a Wave iii (Elliott Wave) that should be followed by a Wave iv pullback.
A break of support at 21,500/450ish is needed to confirm that Wave iii is complete, and that Wave iv is underway which would take the Nasdaq100 back towards the support coming from the 200-day moving average 20,500/400 area.
Providing this support holds, it should then be followed by another leg higher for Wave v.
ASX200
Despite the ASX200’s impressive rebound from the April low, we don’t see the grounds for a sustained break of the record high.
Hence, we will be watching closely for evidence of a double top formation as the precursor to a pullback.
Crude Oil
WTI Crude Oil finished lower overnight at US$64.98 down -0.47%, awaiting news from US-China trade talks, currently taking place in London.
Providing crude oil can hold its gains above range highs US$65/US$64-ish, allow for it to extend its gains initially towards 200-day moving average at US$68.67.
Aware that a daily close below US$63.70/bbl would suggest the break higher has failed.
Gold
Gold finished flat overnight at US$3322/oz (-0.09%) awaiting news from US-China trade talks, currently taking place in London.
Providing gold can continue to hold above US$3290/80-ish (sustained basis), expect a retest of the US$3435 high of early May, before the US$3500 record high.
Aware that if gold were to fall much below support at $3290/80-ish, it would negate the short-term bullish bias.
Technical limitations
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