Daily FNArena News - Technicals

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.

This week ATW’s Jerry Simmons suggests the odds of a pullback in the US are rising, with a fall below 1600 in the S&P 500 targeted.

Michael Gable of Novus Capital suggests a last hurrah bounce for Australian bank shares is in the offing before further declines, with Westpac chosen as the example.

The Chartist expects further volatility in the Aussie dollar, with the US$0.94 level looming as a test of critical technical support.

The Chartist sees further weakness ahead for Australian bank share prices before a longer term uptrend can resume.

Michael Gable of Novus Capital suggests there may be a bounce in the shorter term, but that the technical bias for the Australian market remains to the downside.

This week ATW’s Jerry Simmons looks at copper and suggests a price break-out to the upside is required is the US equities rally is to continue.

Michael Gable of Novus Capital suggests the charts are warning of more falls to come for Wesfarmers post its Target downgrade slide.