Technicals | 10:30 AM
Earlier today, Tony Sycamore, Market Analyst, IG updated his views and thoughts on financial markets, including the technical analysis updates.
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
The bearish conviction from last Tuesday’s breakdown quickly faded after minimal downside follow-through and a strong rebound.
This rebound has overnight allowed the Nasdaq100 to reclaim the previously broken uptrend and post a daily close above horizontal resistance around the 25,850 area.
This clears the path for a retest of the 26,182 all-time high and potentially paves the way for the rally to extend towards 27,000.
ASX200
Last week’s pullback from the 8915.5 high found support ahead of trendline support at 8750ish, coming from the November 8383 low.
As expected, this has been followed by a break above the 8915.5 high.
While a pullback from the 9000 area would not surprise, we expect the ASX200 to continue its ascent, leading to retest of the 9115.2 record high.
Dips are likely to be well supported ahead of uptrend support currently at 8775.
Crude Oil
WTI Crude Oil is trading higher at US$62.32 , up 2.45%, poised for its highest daily close in four months. This surge comes as a brutal winter storm over the weekend disrupted production and refinery operations in the US.
A confluence of factors now points to further upside for crude prices.
With another storm on its way, escalating tensions as the US armada arrives in the Middle East, and crude oil set to close above its 200-day moving average (currently hovering around US$62.17), a key level it hasn’t closed above in six months, the risks suggest a push towards US$66.00 in the sessions ahead.
Gold
Gold is trading at US$5182, up 3.46%, after hitting a fresh record high of US$5186 earlier in the session.
Its overnight rally negated the signs of a “blow off” top we noted yesterday and came as the selloff in the US dollar accelerated.
More than half of gold’s roughly 20% year-to-date advance has come since last week’s Greenland-related developments kicked off further eroding confidence in the US administration.
Ongoing central bank purchases, relentless momentum buying by trend-following funds, and widespread flight-to-quality demand have all reinforced the move.
While we don’t think a pullback is far away given the parabolic nature of the recent rally, these drivers are likely to persist in 2026 meaning pullbacks will be viewed as buying opportunities.
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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