Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com. He is a special consultant to AxiCorp.
The two notch debt credit trading downgrade for Spain by S&P, confirmation of continued European growth problems and poor job numbers in the U.S. have not been enough to create a downtrend in the oil price. Chart analysis shows $125 as the next target.
There are bullish factors for gold like a weakening dollar and U.S. stocks, but there are also important resistance features limiting the upside to $1,800/oz.
The Australian stock market has been trapped in an investment-numbing sideways trend for the past six months. But chart pattern anaysis shows that a breakout for the S&P ASX 200 is imminent, with the next target at 4,700.
The general trend pressure for cotton prices is bearish and this suggests continued testing of support near 85 cents a pound.
The Apple chart shows an unsustainable rally. This doesn’t mean that traders cannot make money, but it does suggest that investors buying in the current market will have to ride a short-term loss before the long-term trend carries them into profit.
An earlier call on the dollar has not been realized so it is time to take a fresh look at the charts on the greenback, Daryl Guppy says.
The charts show that euro-yen enters a variation of a double-bottom pattern used to set a new long-term upside target.
Why does the Shanghai market rise and fall so rapidly?