Daily FNArena News - Technicals

The Chartist is not yet convinced the Australian materials sector has reversed its downward trend.

Michael Gable of Novus Capital suggests that after last week’s wild ride, the signals are bullish but a bit more clarity is needed.

The Chartist reports no sign of a bounce on the charts for Rio Tinto, with further downside more likley.

Michael Gable of Novus Capital expects ongoing volatility on the Australian market, and believes Computershare will fall further before presenting a buying opportunity.

The Chartist suggests the AUD could hit support at US$0.85 depending on China, but the picture remain longer term bullish.

Michael Gable of Novus Capital can see another leg down in the ASX 200 before a bounce-back, but volatility to coninue for now.

This week ATW’s Jerry Simmons suggests the S&P 500 can still pullback further while the technicals for gold and the euro have reached critical levels.

Michael Gable of Novus Capital suggests the ASX 200 has now bounced and should retrace some of its fall, providing a short term opportunity.

The Chartist suggests the S&P 500 has further to correct in the near term before re-establishing its bullish trend in the second half of the year.

Michael Gable of Novus Capital has seen the ASX 200 fall to technically predicted levels and now expects a bounce is on the cards.