Daily FNArena News - Technicals

Michael Gable of Fairmont Equities notes heavy volume on Carsales weakness suggests lower prices and a more attractive entry point.

The Chartist is looking to go long the US S&P 500 on any pullack, but will be ready to chase on a break-out.

Michael Gable of Fairmont Equities suggests the post-result honeymoon for Qantas is over and a move to retest the lows is on the cards.

The Chartist reports a key reversal for ANZ at all-time highs which could suggest a pullback is on the cards, although clarification is needed.

Michael Gable of Fairmont Equities suggests any further pullback in Macquarie Group will present a buying opportunity ahead of another rally.

The Chartist reports the long trade in the Aussie is still preferred but upside may soon become limited.

ANZ chartists suggest the US stock market uptrend in place since the 1930’s remains unbroken, while the outlook for Australia is not quite so clear.

Michael Gable of Fairmont Equities suggests that while any more negatives out of Washington might see another dip, BHP should otherwise look to $40 once more.

This week ATW’s Jerry Simmons examines the US-listed goldminers ETF and suggests its weakness is signalling more downside for the gold price.

The Chartist reports a corrective phase is underway for Wesfarmers but the technicals suggest longer term investors may like to set up for some subsequent blue sky.