Technicals | Nov 26 2025
Earlier today, Tony Sycamore, Market Analyst, IG updated his views and thoughts on financial markets, including technical analysis.
By Tony Sycamore
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
Last Friday’ s test and hold of critical support followed by Monday’s rebound looks a lot like a very important inflexion point.
Specifically, it leaves Friday’s 23,854 low as a strong candidate to be the bottom of the correction (Wave IV) from the late October 26,182 high (Wave III), setting the stage for a retest of highs into year-end (Wave V).
As such, providing the Nasdaq100 remains above medium-term support at 24,000/23,800 we hold a bullish bias, looking for a test and break of the record 26,182 high, before a push towards 27,000.
ASX200
Monday’s strong rally leaves Friday’s 8362 low as a strong candidate to be the bottom of the correction from the late October high of 9115 and sets the stage for a stronger rebound.
Initial targets are short-term resistance at around 8630/50, followed by 8730/50.
Aware that if the ASX200 first loses the support of the 200-day moving average and then falls below Friday’ s 8632 low, it leaves the ASX200 vulnerable to a test of 8200, which would be where the ASX200 has made a -10% correction from its October 9115 high.
Crude Oil
WTI Crude Oil is trading lower at US$58.06 (-1.62%), pressured by reports that Ukraine has agreed to a deal to end the war, with only a few “minor details” left to resolve.
If finalized, the deal could rapidly dismantle Western sanctions on Russian energy exports, which have curtailed Moscow’s oil exports and could drive WTI toward the mid-US$50s in the near term, as sanctioned volumes re-enter the trading pool.
For now, the market waits for more clarity, but the risk appears to be for lower prices unless talks falter.
Going into this news, we held a bullish bias for WTI, leaning against year-to-date lows round US$55.00.
However, given the progress that talks have made, we will move to a neutral bias in WTI for the time being.
Gold
Gold is trading flat at US$4132 (-0.04%), as a batch of soft US economic data overnight bolstered hopes for a Fed rate cut at the December 10 FOMC meeting, putting pressure on the USD and US yields.
The rising prospects of an imminent Fed rate cut is good news for gold bugs.
Providing bullion holds above support at US$4000/US$3990ish a retest of the US$4381 high now appears likely.
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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