Daily FNArena News - Technicals

The Chartist reports the Aussie has traded a critical level below 79, suggesting longer term weakness but possibly a brief bounce beforehand.

Michael Gable of Fairmont Equities notes the ASX200 has broken up through its downtrend line.

Market analysts at FXCM report the S&P500 is testing key technical resistance.

The Chartist reports that despite apparent support at US$45, the path of least resistance for the crude price remains to the downside.

Michael Gable of Fairmont Equities suggests traders with higher risk appetite might consider Village Roadshow post recent weakness.

Market analysts at FXCM believe gold’s behaviour might signal a change in direction, but first technical resistance is looming.

The Chartist is bullish Wesfarmers although a little patience may be required.

Michael Gable of Fairmont Equities suggests Australian banks should shortly see some renewed buying.

Nick Linton-Ffrost of Fifth Wave notes the tehnicals suggest a move back to 5000 for the ASX200.

The Chartist suggests that while a contrarian buy call could be made, the sellers still hold sway in iron ore and thus Fortescue Metals.